The Philippine Stock Exchange index (PSEi) continued its slide, dropping 48.98 points or 0.83 percent to close at 5,818.06 on Wednesday, Nov. 5, driven by persistent investor anxiety that the third-quarter economic growth will fall short of the government’s target.

The main index’s retreat occurred despite the release of inflation figures that aligned with market expectations. Selling pressure was evident across the board, led notably by the Miners sector. Volume was lighter than usual, with 406 million shares traded for a total value of ₱4.72 billion, as losers handily beat gainers 137 to 53, with 61 unchanged.

Regina Capital Development Corporation Managing Director Luis Limlingan stated that the market closed lower amid “heavy selling pressure” as investors look forward to the “upcoming release of GDP [gross domestic product] data and corporate earnings from major index constituents,” which will likely determine the market's next direction.

Philstocks Financial Research Manager Japhet Tantiangco echoed this sentiment, noting that the drop was due to investors trading cautiously while awaiting the third-quarter GDP data, which is widely expected to be below the official target. T

antiangco added that “Negative spillovers from Wall Street amid overvaluation concerns with the US' artificial intelligence sector also affected the local bourse today.”

Rizal Commercial Banking Corporation Chief Economist Michael Ricafort said “The Philippine Stock Exchange Composite Index declined for the third day in four trading days largely due to external factors after global stock markets mostly declined.”

He explained that, “US stock markets mostly corrected after some Wall Street executives (from Goldman Sachs, Morgan Stanley) warned investors to brace for a pullback or correction.”