PSEi slumps 1.5% with Q3 2026 growth at slowest since pandemic

Asian markets started the trading week on a positive note, recovering from their steepest decline in more than a year as concerns over artificial intelligence-related disruptions following the U.S. midterm elections eased.

Markets in Taiwan and Japan led the regional rebound.

Philippine shares, however, bucked the regional trend as investors reacted to the country’s weaker-than-expected economic growth.

The benchmark Philippine Stock Exchange index fell 1.5 percent on Monday, slipping back to the 5,600 level following the release of third-quarter GDP figures showing the country’s slowest economic growth since 2009, excluding the pandemic years.

Independent investor Mike Enriquez said the market has been trading within a narrow range, reflecting a lack of investor confidence and catalysts for a sustained recovery.

He said the latest GDP figures confirmed concerns that the Philippine economy has been slowing down, making investors more cautious about putting their money into the stock market.

In corporate news, property giant SM Prime Holdings reported a five percent decline in its net income for the first nine months of 2026.

The company posted earnings of P35.4 billion, down from P37.2 billion during the same period last year, as weaker real estate sales weighed on its performance.

SM Prime President Jeffrey Lim cited higher borrowing costs, elevated inflation and cautious consumer spending as factors dampening demand for residential properties.

However, higher rental income and contributions from its commercial and hospitality businesses helped cushion the impact, keeping revenues relatively steady at P103 billion.

The company’s capital expenditures also fell 25 percent to 44 billion pesos during the January-to-September period.

Meanwhile, home improvement retailer Wilcon Depot reported a six percent drop in its nine-month net income to P1.75 billion.

This came despite a rise in net sales to P28.42 billion, supported in part by same-store sales growth.

Gross profit also increased to P10.6 billion, as higher sales volume helped offset the impact of a lower gross profit margin, which stood at 37.3 percent. – ANC, The World Tonight, November 9, 2026