Trump policies stun investors
The first batch of policies and promises that US President Donald Trump made during his inauguration stunned investors on Tuesday, with the local bourse barely moving.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.15 percent, or 9.68 points, to close at 6,340.21.
Likewise, the broader All Shares Index lost 0.07 percent, or 2.62 points, to 3,700.24.
A total of 1.01 billion shares worth P3.87 billion changed hands, stock exchange data showed. Foreigners were net sellers, with foreign outflows totaling P173.15 million.
Japhet Tantiangco, research head at Philstocks Financial Inc., said investors were mostly cautious on Tuesday “while being observant of [Trump’s] first few days in the office.”
Among the Republican US President’s first moves was to withdraw from the landmark Paris Agreement, worrying climate advocates across the world.
Trump likewise promised to deport undocumented immigrants and implement a 25-percent import tariff on products coming from Canada and Mexico.
Back at home, mining and oil companies saw the steepest drop, while property firms booked the highest gain.
BDO Unibank Inc. was the top-traded stock as it slipped by 1.5 percent to P144, followed by International Container Terminal Services Inc., down 1.52 percent to P390; Universal Robina Corp., down 4.07 percent to P66; SM Investments Corp., up 0.84 percent to P837; and Metropolitan Bank and Trust Co., up 0.42 percent to P71.50 each.
Other actively traded stocks were Converge ICT Solutions Inc., up 2.62 percent to P18; Ayala Land Inc., up 0.99 percent to P25.50; and Bank of the Philippine Islands, down 0.16 percent to P122.50.
