3 days ago
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The local stock market dipped although the arrest of former President Rodrigo Duterte was not seen to have affected investor sentiment.
The main index shed 11.29 points or 0.18 percent to close at 6,195.26, weighed down by the Services sector although sub indices were evenly divided. Volume declined to 741 million shares worth P5.98 billion as losers beat gainers 127 to 77 with 40 unchanged.
“Philippine shares closed just below the 6200 marker as investors weighed Trump’s plan to double tariffs on Canadian steel and aluminum to 50 percent, effective Wednesday,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Chinabank Capital Corporation Managing Director Juan Paolo Colet said “The market slipped anew on continued concerns about Trump's erratic trade policy and a potential slowdown in the US economy.”
“Based on today's trading, the arrest of former President Duterte has not had a material effect on our stock market and many large investors do not appear to be particularly perturbed by that issue. Naturally, they will observe how the situation evolves, but their primary focus is on Trump, the Fed, and US markets,” he noted.
Philstocks Financial Research Manager Japhet Tantiangco said "The market fell further as investors took cues from Wall Street's fall driven by recession fears and cautious trading ahead of the release of the US' March inflation report."
He added that, "Investors also digested the US' 25 percent tariffs on steel and aluminum imports which had already taken effect and the ensuing retaliation from the European Union. On a positive note, losses were trimmed in the final minutes."
