Share prices on the Philippine Stock Exchange fell on Thursday on the back of worries about US tariff moves and the Fed’s cautionary stance toward President Donald Trump’s trade policy.
“The local market joined its regional peers in the decline as investors dealt with US President Donald Trump’s latest tariff threats on auto, semiconductor, and pharmaceutical imports,” stockbroker Philstocks Financial Inc. said.
Among the sectors, only banking closed with gains, up 0.58 percent. The properties lost the most, with a 2.56 percent loss, Philstocks said.
At the closing bell, the main PSEi dropped 53.25 points or 0.87 percent to 6,066.63.
The broader All Shares declined 3.38 points or 0.09 percent to 3,671.62.
Losers outpaced gainers 112 to 73 with 58 stocks unchanged. Trading value reached more than P5.72 billion.
Regional equity markets declined following the release of minutes on Wednesday of the US Federal Reserve’s January 28-29 policy meeting, which revealed officials’ concerns over the inflationary effects of Trump’s policies.
Thai stocks, the worst performers in the region so far this year, lost 0.5 percent. Malaysian stocks inched 0.4 percent lower, while those in Singapore and Indonesia traded flat.
The latest Fed minutes revealed monetary officials want to see more progress on inflation before cutting rates, and are wary of the economic impact of potential tariffs, said Luis Limlingan, managing director of Regina Capital and Development Corp.
Most actively traded Ayala Land Inc. dropped P2 to P22.80. Philippine Seven Corp. gained P0.95 to P57.75. International Container Terminal Services Inc. shed P1 to P346. BDO Unibank Inc. advanced P0.10 to P142. Metropolitan Bank and Trust Co. gained P0.45 to P72. Bank of the Philippine Island increased P2.20 to P129.80. SM Investments Corp. dropped P15 to P780. DigiPlus Interactive Corp. rose P1.65 to P36.95. SM Prime Holdings Inc. declined P0.10 to P23.05. Philex Mining Corp. shed P0.08 to P4.99. – With a report from Reuters
