2 weeks ago
12
Richmond Mercurio - The Philippine Star
February 26, 2025 | 12:00am
The Philippine Stock Exchange index (PSEi) slipped by 0.52 percent or 31.81 points to close yesterday’s session at 6,064.16.
Pixabay
MANILA, Philippines — The local stock market dropped for the second straight session on concerns over the policies of US President Donald Trump.
The Philippine Stock Exchange index (PSEi) slipped by 0.52 percent or 31.81 points to close yesterday’s session at 6,064.16.
The broader All Shares index also finished in the red, declining by 0.4 percent or 14.55 points to 3,640.45.
“The PSEi extended its losses this Tuesday. The local market remained in the negative territory as investors dealt with US President Donald Trump’s decision to push through with their tariffs against Canada and Mexico,” Philstocks Financial research manager Japhet Tantiangco said.
Tantiangco said trading remained tepid with net value turnover at P4.24 billion, below the year-to-date average of P5.13 billion.
Foreigners were net sellers with net outflows amounting to P563.80 million.
Property and financials managed to eke out gains of 0.09 percent and 0.06 percent, respectively, while holdings firms had the biggest loss at 1.58 percent.
Market breadth remained negative as decliners battered advancers, 125 to 63, while 57 issues were unchanged.
Among index members, BDO Unibank posted the highest jump at 2.48 percent, while JG Summit Holdings recorded the largest drop at 7.52 percent.
Asian markets sank yesterday as fears of Trump’s trade war returned to the fore after he called for fresh curbs on Chinese investments in strategic sectors including technology.
After a healthy run in February, markets have been put on the back foot since Trump said on Monday that he plans to proceed with tariffs on Canada and Mexico once a 30-day suspension expires next week.
