Philippine Stock Market Declines Following Trump’s Tariff Announcements; Peso Remains Stable

The Philippine Stock Exchange index (PSEi) experienced a downturn on Monday, influenced by U.S. President Donald Trump’s recent declarations of new tariffs on steel and aluminum imports. The PSEi fell by 1.91 percent, closing at 6,037.12, while the All Shares index also dropped by 1.27 percent to 3,617.27. Amidst the general decline, the Mining and Oil sector was the only one to see gains, increasing by 0.90 percent to reach 7,430.20. Significant losses were observed in the Property and Financials sectors, which decreased by 2.43 percent and 2.42 percent respectively. Other sectors such as Services, Holding Firms, and Industrial also saw declines of 1.61 percent, 1.56 percent, and 0.40 percent respectively. Japhet Tantiangco, research manager at Philstock Financials, commented that the local market’s downturn was a reaction to Trump’s tariff threats, which could have broader negative implications for the global economy. The day’s trading saw 111 stocks losing value compared to 78 that gained, with 44 remaining unchanged. In contrast, the Philippine peso showed stability, closing at 58.10 against the U.S. dollar, slightly unchanged from the previous week’s close of 58.03. The peso fluctuated between 58.06 and 58.18 during the day, with an average rate of 58.12. Trading volume decreased to USD1.2 billion from USD1.28 billion the previous day.