1 month ago
29
The Philippine stock market rebounded, surpassing the 6,000 mark on Tuesday, Feb. 4, after the US postponed new tariffs on imports from Canada and Mexico.
The benchmark index jumped 206.02 points, or 3.50 percent, to close at 6,089.06, led by gains across the services sector. Trading volume reached 700 million shares valued at P7.35 billion. Advancers outnumbered decliners 124 to 61, with 60 issues unchanged.
“Philippine shares finally made a furious rebound after successive sessions of selling, as the main barometer climbed back above 6,000,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
US equities declined on Monday in response to new tariffs, triggering a global sell-off. However, market sentiment improved following reports of a provisional agreement between US and Mexican leaders. US manufacturing expanded for the first time since 2022, with the ISM PMI rising to 50.9, despite concerns about tariffs and supply chain disruptions.
Japhet Tantiangco, Research Manager at Philstocks Financial, attributed the local market rally to the US president's decision to delay planned tariffs against Canada and Mexico for 30 days.
He added,“Foreigners were still net buyers for the day with net inflows at P47.60 million, helping in the market's rally."
