PSEi plunges to three-year low on growth woes

PHILIPPINE STOCKS retreated on Wednesday, with the benchmark index plunging to a three-year low, amid fears over slowing economic growth that were worsened by negative sentiment from Wall Street due to concerns over the valuation of the artificial intelligence (AI) sector.

- A.G.C. Magno

The bellwether Philippine Stock Exchange index (PSEi) fell by 0.83% or 48.98 points to close at 5,818.06, while the broader all shares index decreased by 0.68% or 24.50 points to end at 3,534.38.

This was the PSEi’s worst finish in over three years or since it closed at 5,783.15 on Oct. 3, 2022.

The main index opened Wednesday's session at 5,891.23, higher than Tuesday’s close, but sank to an intraday low of 5,763.68. It managed to recoup some of its losses before the closing bell.