3 days ago
6
The local stock market resumed its downward trend after a minor pause the previous day as Trump's tariff pronouncements continue to unnerve investors.
The PSEi lost 26.54 points or 0.43 percent to close at 6,139.51 although sector indices were equally divided. Volume dipped to 828 million shares worth P4.5 billion as losers beat gainers 127 to 63 with 48 unchanged.
“Philippine shares fell once again as tariff concerns weighed on sentiment. The White House said Trump would unveil new auto import tariffs, sending General Motors and Stellantis down over three percent.
“He hinted that broader tariffs, expected next week, may be ‘more lenient than reciprocal,’ easing fears of aggressive trade measures,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Research Manager Japhet Tantiangco said “The local market resumed its decline after a 1-day rebound amid the negative spillovers from Wall Street driven by US President Donald Trump's recently announced auto-tariffs. The Peso's weakening against the US Dollar also weighed on the market this Thursday.”
