Stocks weaken on continued concern over US tariffs

The PSEi declined for the third straight session as investors continue to fret over possible impact of Trump’s tariff plans.

The main index shed 32.17 points or 0.52 percent to close at 6,159.85 as the Mining counter led losses while Property and Services managed to advance. Volume remained thin at 520 million shares worth P4.75 billion as losers outnumbered gainers 107 to 84 with 56 unchanged.

“Philippine shares dropped fell once again as uncertainty over Trump’s tariff plans weighed on sentiment, with the shortened trading session further dampening turnover,” said Regina Capital Development Corporation Managing Director Luis Limlingan. 

Meanwhile, US stocks rose Monday on hopes that President Trump may delay some tariffs, easing trade war concerns. He hinted at exemptions for several countries, but confirmed levies on pharma and autos would come later.

Philstocks Financial Research Manager Japhet Tantiangco said “The local market declined for a third straight day as US President Donald Trump warned of more tariffs to come, this time on cars, pharmaceuticals, lumber, and semiconductors.

“The US President also warned of tariffs against those buying oil from Venezuela. The mounting tariff threats are weighing on the global economy’s outlook.”