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Manila Bulletin devider Business devider The Stock Market devider Stocks weaken amid below-target GDP, gloomy US outlook

Stocks weaken amid below-target GDP, gloomy US outlook

Published May 8, 2025 04:36 pm
The local stock market weakened after first quarter economic growth was slower than the government’s target while the Fed did not cut its policy rates.
The main index dropped 75.96 points or 1.17 percent to close at 6,389.49 with Conglomerates leading the retreat across the board. A total of 733 million shares worth P6.01 billion were traded as losers beat gainers 113 to 75 with 54 unchanged.
“Philippine investors sold on profit as the first quarter gross domestic product came out at 5.4 percent, while other investors digested the implications of the latest Federal Open Market Committee meeting,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Overnight U.S. stocks rose after the Fed held rates and warned of rising risks to both inflation and employment. Fed Chair Powell cautioned that new tariffs could slow growth and raise inflation, signaling no urgency to cut rates.
Philstocks Financial Research Manager Japhet Tantiangco said “The local market went down as investors digested the Federal Reserve’s decision to keep policy rates unchanged and its gloomy outlook for the US economy amid President Donald Trump’s tariff policies.”
“Investors also dealt with the Philippines’ first quarter 2025 GDP data which posted a growth of 5.4 percent, below the government’s full year target of 6.0 percent to 8.0 percent,” he noted.

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Philippine Stock Exchange index Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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