Share prices rose in opening trade on Wednesday after US President Donald Trump announced from Washington on Tuesday (Wednesday Manila time) a new 19 percent tariff rate for goods from the Philippines, reducing the levy from a previously announced 20 percent.
The benchmark PSEi gained 21.04 points to open at 6,376.73. It closed previously at 6,355.69 points.
The broader All Shares inched up 10.06 points to 3,767.26, from 3,757.20 at the previous close.
Market observers expect the day’s session to be a tough one for the stock market following Trump’s new tariff announcement through a social media post overnight: a 19 percent tariff on Philippine exports to US, while US exports to the Philippines will be tariff-free.
SB Equities Inc. said the PSEi could pull back on profit taking after this development.
First Metro Securities Brokerage Corp., meanwhile, said in an investor note the local bourse may remain on the defensive as investors digest the outcome of the US-Philippines trade talks.
“While President Trump’s announcement of a slight tariff improvement to 19 percent on Philippine exports marks a step forward, the minimal reduction from the earlier 20 percent may offer limited relief,” it said, explaining that this is specially so with Wall Street posting a mixed finish overnight.
Risk appetite may remain subdued, First Metro Securities added.
