Share prices closed mixed Tuesday, with the early uptick giving way to profit taking by the closing bell due to continued concern over the US trade war and its impact on the global economy.
Luis Limlingan, managing director at Regina Capital and Development Corp., said shares gave up some gains after trading in the green, “driven by tariff uncertainties and weak consumer confidence in the US… Markets remain volatile amid Trump’s shifting trade policies.”
The benchmark Philippine Stock Exchange index (PSEi) closed 21.51 points or 0.34 percent lower at 6,284.68.
The broader All Shares index ended little changed at 3,723.09, with a 0.007 percent gain.
Gainers edged out losers 100 to 92, with 44 stocks unchanged, as investors took to buying more small-cap, second- and third-liner stocks for the day. Trading turnover reached P8.47 billion, including a P1.12 billion special block sale of Petron Corp.
Overnight, the US reported that retail sales in February grew slower than expected at 0.2 percent, as consumers pulled back on discretionary spending. This reinforced the growing uncertainty over the economy against the backdrop of tariffs and mass firings of federal government workers, Reuters reported.
Jonathan Ravelas, managing director at eManagement for Business and Marketing Services (EMBM), said investors also took profit after failing to sustain gains above the 6,300-point levels.
“Escalating trade tensions arising from President Trump’s tariff war could cap the rally above the 6,300 levels. Continue to expect sideways to down between 5,800- 6,300 levels in the near term,” he said.
Most actively traded BDO Unibank Inc. dropped P2.60 to P160.40. DigiPlus Interactive Corp. gained P2 to P38.90. China Banking Corp. rose P2.30 to P92.30. International Container Terminal Services Inc. shed P7.80 to P385.20. Bank of the Philippine Islands lost P0.40 to P134.60. Jollibee Foods Corp. declined by P6.20 to P251.80. Ayala Corp. dropped P9 to P596.50. Converge ICT Solutions Inc. added P0.40 to P17.74. Ayala Land Inc. closed up P0.15 at P22.30. Metropolitan Bank and Trust Co. slipped P0.35 to P72.40.
