In Manila, the decision by US President Donald Trump to postpone tariffs on goods from Canada and Mexico has been met with enthusiasm by investors, propelling the Philippine stock market to recover and surpass the 6,000 mark. The Philippine Stock Exchange index (PSEi) saw a significant rise of 3.5 percent, or 206.02 points, reaching 6,089.06 on Tuesday. The broader All Shares index also advanced, gaining 2.36 percent or 83.32 points, to close at 3,617.93. Every sectoral index ended the day in positive territory, with the Services sector leading the gains, increasing by 4.76 percent to 2,014.96 points. Other sectors also saw substantial increases: Financials rose by 3.94 percent to 2,266.67, Mining and Oil by 3.41 percent to 7,157.03, Industrial by 2.95 percent to 8,453.19, Property by 2.34 percent to 2,295.44, and Holding Firms by 1.96 percent to 5,011.58. Japhet Tantiangco, research manager at Philstock Financials, noted that the local market’s surge was a direct response to Trump’s decision to delay the tariffs for 30 days. Foreign investors contributed to the rally, with net purchases amounting to PHP47.60 million, and the market saw robust trading with a net value turnover of PHP6.93 billion. The number of stocks that rose outnumbered those that fell, with 124 advancers compared to 61 decliners, and 60 stocks remained unchanged. On the currency front, the Philippine peso appreciated, closing at 58.34 against the US dollar, up from 58.66 the previous day. The peso fluctuated between 58.28 and 58.56 during the day, with an average rate of 58.41. Trading volume in the forex market increased to USD2.13 billion from USD1.27 billion on Monday.
Philippine Market Surges After Trump Delays Tariffs on Canada and Mexico
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