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Richmond Mercurio - The Philippine Star
February 5, 2025 | 12:00am
The benchmark Philippine Stock Exchange index finished in the positive territory for the second straight day yesterday, surging by 3.5 percent or 206.02 points to 6,089.06.
STAR / File
MANILA, Philippines — The local stock market climbed its way back above the 6,000 level after investors cheered US President Donald Trump’s decision to pause the planned tariffs against Mexico and Canada for 30 days.
The benchmark Philippine Stock Exchange index finished in the positive territory for the second straight day yesterday, surging by 3.5 percent or 206.02 points to 6,089.06.
The broader All Shares index also posted a significant jump, adding 83.32 points or 2.36 percent to settle at 3,617.93.
“Philippine shares finally made a furious rebound after successive sessions of selling, as the main barometer climbed back above 6,000,” Luis Limlingan of Regina Capital said.
“US equities dropped on Monday as markets responded to new tariffs on imports, sparking a global sell-off. However, investor sentiment rebounded after reports of a temporary agreement between US and Mexican leaders,” Limlingan said.
Net value turnover thinned from the previous day’s P9.54 billion but remained robust at P6.93 billion.
All sectors finished higher, led by services with a 4.76-percent jump.
Market breadth was positive as decliners battered decliners, 124 to 61, while 60 issues were unchanged.
China Banking Corp. was yesterday’s most actively traded stock, declining by 1.08 percent to P92 per share, followed by ICTSI, which was also the top index gainer after surging by 7.62 percent to P367.
Asian equities rose with the Mexican peso and Canadian dollar yesterday after Trump said he would delay the imposition of stiff tariffs on imports from the US neighbors, soothing trade war worries for now.
