Stocks plunge as market succumbs to profit taking

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May 9, 2026 | 12:00am

MANILA, Philippines — Share prices failed to keep their winning momentum alive as market succumbed to profit taking to end the week in the negative territory.

The benchmark Philippine Stock Exchange index (PSEI) tumbled by 1.21 percent or 73.3 points, closing at 5,960.97.

The broader All Shares index also declined by 0.68 percent or 23.04 points to end at 3,373.37.

AB Capital Securities said the PSEi slipped below the 6,000 level as macro concerns triggered profit taking.

The country’s gross domestic product (GDP) growth crawled to 2.8 percent in the first quarter, the slowest in five years or since the 3.8-percent expansion recorded during the height of the pandemic in the first quarter of 2021.

Likewise, the consumer price index (CPI) or inflation quickened to a three-year high of 7.2 percent in April, driven by faster increases in food and transport costs linked to the Middle East conflict.

“Index corrected and fell below 6,000 as renewed US-Iran uncertainty and weak macro data (7.1 percent CPI, Q1 GDP at 2.8 percent) weighed on sentiment, with regional markets also lower,” it said.

All sectors were in the red, except for mining and oil, which climbed by 1.6 percent.

Services posted the biggest loss at 1.53 percent, followed by financials, which dropped by 1.32 percent.

Decliners edged out advancers in a close contest 97 to 93, while 63 issues were unchanged.

Trading was strong as total turnover value expanded to P8.52 billion from P7.92 billion the previous day.

ICTSI remained the most actively traded stock, plunging by 1.91 percent to P770 per share, followed by banking giants BDO Unibank and BPI which declined by 0.17 percent and 2.06 percent, respectively, to P116.90 and P88.05.