MANILA – The Philippine Stock Exchange (PSEi) and the peso ended the day lower on Tuesday following U.S. President Donald Trump’s announcement to implement tariffs on goods from Canada and Mexico.
The PSEi dropped 0.52% to 6,064.16, with All Shares falling 0.40% to 3,640.45. Investors reacted negatively to the U.S. tariff decision, according to Japhet Tantiangco, research manager at Philstock Financials.
While the Property and Financials sectors posted minor gains, the Holding Firms sector led the losses, dropping 1.58%. Other losers included Mining and Oil (-0.89%), Services (-0.38%), and Industrial (-0.34%). Decliners outnumbered advancers, 125 to 63, with 57 stocks unchanged.
In the currency market, the peso weakened to PHP57.93, down PHP0.12 from the previous day’s PHP57.81. It opened at PHP57.90 and traded between PHP57.87 and PHP57.95, with an average rate of PHP57.91 to the U.S. dollar. Trading volume rose to USD1.38 billion from Monday’s USD1.17 billion.
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