Share prices slipped Wednesday on follow-through selling as investors digested the impact of the US-imposed 25 percent tariff on aluminum and steel products of Canada effective March 12 (US time).
The Philippine Stock Exchange index (PSEi) lost 11.26 points or 0.18 percent to 6,195.26. The broader All Shares index dropped 2.79 points or 0.08 percent to 3,681.80.
Losers edged gainers 127 to 77, with 40 stocks unchanged. Trading turnover reached P5.98 billion.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors continued to process the ebb and flow of tariff discussions between the US and Canada after US President Trump initially threatened to double the rate to 50 percent in response to Ontario’s threat to impose a 25 percent export tax on electricity Tuesday night. That also pulled Wall Street down.
“Trump later reversed the decision back to the original 25 percent, following discussions with US officials,” he said.
Limlingan said such concern was enough to pull the benchmark “just below the 6200 marker.”
“Markets now await February’s CPI data for Fed policy cues. US equities continued their downward trend on Tuesday during a volatile session, as traders navigated uncertainty surrounding new tariffs proposed by President Donald Trump,” he said.
Juan Paolo Colet, managing director at ChinaBank Capital Corp., said Wednesday’s market results showed the arrest of former President Rodrigo Duterte “has not had a material effect on our stock market and many large investors do not appear to be particularly perturbed by that issue.”
“Naturally, they will observe how the situation evolves, but their primary focus is on Trump, the Fed and US markets,” Colet said.
Ed Francisco, BDO Capital and Development Corp. president, said Duterte getting flown out of the country and to the Netherlands helped ease the tension.
“The fact that he has left the country helps because if he (were still) here, there would be more rally. I just hope if ever there would be a protest or whatever, it will be done very peacefully,” he said.
Most actively traded BDO Unibank Inc. shed P2.80 to P152. Bank of the Philippine Islands gained P0.40 to P133.20. Ayala Land Inc. added P0.20 to P22.30. International Container Terminal Services Inc. declined P4.60 to P364.400. SM Prime Holdings Inc. firmed P0.45 to P23.95. PLDT Inc. dropped P64 to P1,333. Manila Electric Co. climbed P24.50 to P509.50. Jollibee Foods Corp. lost P4 to P260. Metropolitan Bank and Trust Co. dropped P0.45 to P71. SM Investments Corp. closed steady at P814.***
