Manila, Sept. 24 -- The Philippine Stock Exchange index (PSEi) dropped to its lowest level of the year on Thursday, and the peso weakened against the US dollar following downgrades to the country's economic growth forecasts.

The local bourse's main index declined by 1.12 percent to 5,730.02 points, and the broader All Shares by 1.10 percent to 3,210.72 points.

Luis Limlingan, Regina Capital Development Corp. head of sales, traced the PSEi's drop to selling pressures.

"Market sentiment weakened further after S&P Global Ratings and the ADB (Asian Development Bank) sharply downgraded their Philippine growth forecasts for the year," he said.

On Wednesday, the ADB announced the revision of its 2026 growth forecast for the country from 3.8 ...