Trump tariff threat sends PSEi below 6,100
Threats from the United States of another round of import tariffs sent the local bourse below 6,100 on Thursday as anxious investors absorbed the news.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) lost 0.87 percent or 53.25 points to 6,066.63.
The broader All Shares Index was nearly flat as it shed 0.09 percent or 3.38 points to close at 3,671.62.
A total of 1.2 billion shares worth P5.72 billion changed hands, stock exchange data showed. Foreign outflows totaled P601.3 million.
Japhet Tantiangco, research head at Philstocks Financial Inc., said the decline was due mostly to US President Donald Trump’s threat of implementing a 25-percent tariff on all imported automobiles, semiconductors and pharmaceuticals. This could take effect as early as April 2, according to reports.
Only banks ended positive, buoyed by gains from BDO Unibank Inc. (up 0.07 percent to P142); Metropolitan Bank and Trust Co. (up 0.63 percent to P72), which also reported record-high earnings; and Bank of the Philippine Islands (up 1.72 percent to P129.80).
Despite posting higher earnings and record revenues, Ayala Land Inc., the most actively traded stock, slid by 8.06 percent to P22.80 each. This dragged the property index down by 2.56 percent.
Other actively traded stocks were Philippine Seven Corp., up 1.67 percent to P57.75; International Container Terminal Services Inc., down 0.29 percent to P346; SM Investments Corp., down 1.89 percent to P780; DigiPlus Interactive Corp., up 4.67 percent to P36.95; SM Prime Holdings Inc., down 0.43 percent to P23.05; and Philex Mining Corp., down 1.58 percent to P4.99 per share.
