Shares of Converge ICT Solutions, Inc. declined week on week amid concerns over its possible exclusion from the Philippine Stock Exchange index (PSEi), while weaker economic growth forecasts also weighed on market sentiment, analysts told BusinessWorld
The potential removal from the PSEi could reduce the stock’s visibility among institutional investors, potentially leading to further selling pressure. Converge’s market capitalization and trading volume have been under scrutiny as the index rebalancing approaches.
Weaker economic growth projections added to the negative sentiment, with analysts citing headwinds from global slowdown and domestic inflation. The broader market also experienced declines, compounding the pressure on Converge shares.