Share prices resumed their decline Thursday as risk aversion ruled trading in line with Wall Street’s reaction to the latest tariff move from the US.
Online stock trading platform Philstocks Financial Inc. said the market suffered from the “negative spillovers from Wall Street driven by US President Donald Trump’s recently announced auto tariffs.”
Trump said the US will impose a 25 percent tariff on cars and light trucks effective April 2.
The Philippine Stock Exchange index (PSEi) dropped 26.54 points or 0.43 percent to settle at 6,139.51.
The broader All Shares index fell 14.35 points or 0.39 percent to 3,662.36.
Losers edged out gainers 127 to 63, with 48 stocks unchanged. Trading turnover reached P4.5 billion.
Philstocks said the peso weakening against the dollar also weighed on the market.
“Sectors closed mixed, with the miners gaining the most, adding 0.81 percent. The industrials were at the bottom, cutting 1.27 percent,” it said.
Ayala Land Inc. shed P0.25 to P21.70. International Container Terminal Services Inc. declined by P7 to P367. SM Investments Corp. lost P5.50 to P781. Bank of the Philippine Islands dropped P0.30 to P134.50. Jollibee Foods Corp. slipped P0.60 to P233. BDO Unibank Inc. closed up P0.90 at P154. Metropolitan Bank and Trust Co. gained P0.15 to P74. Manila Electric Co. declined by P13 to P535. Manila Water Co. Inc. eased P1 to P30. PLDT Inc. dipped P1 to P1,283.
