PSEi selloff after a lower than expected GDP

GDP of the Philippines on first quarter of 2014 is just 5.8%. However, the expectation for the GDP is greater than 6%. (concensus is 6.4%).

What's the effect on PSE market of this lower than expected GDP?
As you may expect, there was sell-off in the market. PSEi dropped 1.64% in just one day, May 29, 2014

Here are the declines of selected stocks: BLOOM dropped5.01%, JGS dropped by 4.99%,
ALI dropped by 4.24%, DMC dropped by 3.46% and MBT dropped by 2.96%


Note that these are not small companies. Most, if not all, are Blue Chip Companies.
The next time that there are releases for GDP numbers, expect movements like these.


It's all about expectation
Note: There are instances that even if the numbers released by the government are low but they beat the expectation of the market, the stock market goes up. On the other hand, even if the numbers are high (ex.GDP)  but it didn't meet the expectation of the investors, there is a strong possibility that the market will decline.