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Local share prices fell further as investors around the world fear that Trump’s tariffs will plunge the global economy into recession.
The PSEi lost 61.54 points or 1.00 percent to close at 6,084.19 with the Mining and Services counters suffering the most.
Volume surged to 1.72 billion shares worth P11.69 billion although amounting to only P5.14 billion if block sales are not counted. Losers beat gainers 102 to 74 with 56 steady.
“Philippine shares and US stocks were sold down once again with the S&P 500 falling back into correction territory for its worst one-day loss since 2020,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “The drop followed former President Donald Trump’s announcement of new tariffs, raising fears of a global trade war and recession.
“Locally, investors reacted to the U.S.’s tariff measures, including a 17 percent duty on Philippine exports. Sentiment weakened on concerns over global trade disruptions.”
Philstocks Financial Research Manager Japhet Tantiangco said “The local market declined further this Friday as investors continued to digest the US' reciprocal tariffs and its negative effect on the global economy.
“Worries over the impact of the tariffs on global supply chain, international trade, and overall global economic performance caused investors to sell positions.”
