The 30-company Philippine Stock Exchange Index on Wednesday succumbed to profit taking ahead of the release of the country’s first-quarter gross domestic product report today .
The PSEi fell 0.6 percent to close at 5,639.27.
“This morning agricultural output showed a contraction of a little over 1 percent, which is making analysts rethink the Philippine economic performance from January to March,” Luis Limlingan managing director at Regina Capital Development Corp said.
GMA Network Inc. emerged as one of the top gainers in Wednesday’s trading after the government shut down the operations of rival network ABS-CBN Corp.
Trading of ABS-CBN shares was suspended pending the submission of a disclosure on the impact of the cease-and-desist order issued by the National Telecommunications Commission on the business, financial condition, operations, and prospects of the company.