Stock market retreats on lower growth forecast

Local stocks started the week in the red, as the discouraging second-quarter gross domestic product growth continued to dampen investors’ sentiments.

The Philippine Stock Exchange index declined by 76.72 points, or 1.2 percent, to close at 6,329.19 Monday, while the broader all-shares index dropped 32.30 points to settle at 3,397.89.

Philstocks Financial Inc. research analyst Claire Alviar said the Pantheon Macroeconomics’ economic growth forecast downgrade to 4.5 percent from 5.5 percent weighed on sentiments.

The suspension of reclamation projects in Manila Bay area also affected the property sub-sector which shed 2.13 percent.