MANILA — The Philippine Stock Exchange index (PSEi) dropped sharply on Monday (10 Feb 2025) following U.S. President Donald Trump’s threat to impose new tariffs on all steel and aluminum imports. The PSEi fell 1.91% to 6,037.12, while the All Shares index also dropped by 1.27%, closing at 3,617.27.
The Mining and Oil sector was the only one to post a gain, rising by 0.90% to 7,430.20. In contrast, the Property and Financials sectors suffered the most significant losses, down 2.43% and 2.42%, respectively. The Services, Holding Firms, and Industrial sectors also experienced declines of 1.61%, 1.56%, and 0.40%.
Philstock Financials research manager Japhet Tantiangco explained that Trump’s continued tariff threats could negatively impact the global economy, particularly with the possibility of new steel and aluminum tariffs and reciprocal measures with other countries.
Market losers outnumbered gainers at 111 to 78, with 44 stocks remaining unchanged.
The Philippine peso closed flat at 58.10 to the U.S. dollar, slightly up from last week’s 58.03. It traded within a narrow range of 58.06 to 58.18 throughout the day, with an average of 58.12.
Trading volume decreased to USD1.2 billion from USD1.28 billion in the previous session.
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