In Manila, the local stock market took another hit, falling below the 6,000 threshold once more, as investors grappled with the implications of new tariffs announced by U.S. President Donald Trump. The Philippine Stock Exchange index (PSEi) dropped by 0.82 percent to close at 5,987.75, while the broader All Shares index also declined by 0.28 percent to 3,607.03 points. Amidst the general downturn, only the Financials sector managed to end the day in positive territory, gaining 1.26 percent to reach 2,243.30. Other sectors were not as fortunate, with the Property sector experiencing the steepest decline at 2.81 percent, followed by Services at 2.23 percent, Industrial at 0.93 percent, Mining and Oil at 0.06 percent, and Holding Firms at a slight 0.03 percent decrease. Claire Alviar, assistant manager for research and online engagement at Philstock Financials, noted that investors were not only reacting to Trump’s tariffs but were also anticipating outcomes from the upcoming Bangko Sentral ng Pilipinas meeting. The market saw more stocks declining than advancing, with a ratio of 106 to 78, and 55 stocks remaining unchanged. On the currency front, the Philippine peso edged closer to weakening, closing at 58.19 against the U.S. dollar, down from 58.10. The peso fluctuated during the day, opening at 58.17 and moving between 58.12 and 58.25, with an average rate of 58.19. Trading volume remained stable at USD1.2 billion.
Philippine Stock Market Dips Below 6,000 Again Amid Trump Tariffs, Peso Nears Weakening
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