MANILA – Investors continued to absorb the impact of United States President Donald Trump’s new tariffs, which led to a decline in local shares during Tuesday’s trading session. The Philippine peso also nearly weakened.
The Philippine Stock Exchange Index (PSEi) dropped below the 6,000 mark, falling 0.82 percent to 5,987.75, while the All Shares Index decreased by 0.28 percent to 3,607.03 points.
The Financials sector was the only one to close in the green, rising 1.26 percent to 2,243.30.
All other sectors finished in the red, with the biggest losses coming from the Property sector, which fell by 2.81 percent. The Services sector dropped by 2.23 percent, followed by the Industrial sector (down 0.93 percent), Mining and Oil (down 0.06 percent), and Holding Firms (down 0.03 percent).
“Trump’s new tariffs have investors waiting for other catalysts, and many are also looking ahead to this week’s meeting of the Bangko Sentral ng Pilipinas,” said Claire Alviar, assistant manager for research and online engagement at Philstock Financials.
Decliners outnumbered advancers 106 to 78, with 55 stocks remaining unchanged.
Meanwhile, the peso weakened by 0.09 to 58.19 from 58.10 against the US dollar. It opened at 58.17, fluctuated between 58.12 and 58.25, and closed with an average rate of 58.19 to the greenback.
Trade volume remained steady at USD 1.2 billion.
IA/MNM