PSEi climbs back to 6,100 on tariff hike relief
The local bourse climbed above the 6,100 level on Monday as investors cheered the United States’ move to exempt some products from its reciprocal tariff hikes.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) gained by 1.04 percent, or 63.08 points, to 6,145.52.
Likewise, the broader All Shares Index added 0.17 percent, or 6.13 points, to close at 3,627.89.
A total of 557.88 million shares worth P4.32 billion changed hands, stock exchange data showed.
Japhet Tantiangco, research head at Philstocks Financial Inc., said Washington’s decision to temporarily exempt consumer electronics from higher tariffs boosted investor sentiment.
Optimism over the Bangko Sentral ng Pilipinas’ quarter-point rate cut also spilled over into the first trading day of the week, Tantiangco added.
Only banks ended in the red territory due to a 1.37-percent decline of index heavyweight BDO Unibank Inc., which was also the top-traded stock. It closed at P157.80 per share.
Meanwhile, gains at services firms like International Container Terminal Services Inc. (ICTSI) and Jollibee Foods Corp. (JFC) resulted in a 2.25-percent rally for the subsector.
BDO was followed by Ayala Land Inc., up 4.62 percent to P23.80; ICTSI, up 4.29 percent to P354.60; SM Prime Holdings Inc., up 1.11 percent to P22.75; and SM Investments Corp., up 1.88 percent to P815 each.
Other actively traded stocks were: Bank of the Philippine Islands, up 0.85 percent to P131.10; Manila Electric Co., up 2 percent to P560; Ayala Corp., up 0.35 percent to P577; JFC, up 1.94 percent to P220.20; and Converge ICT Solutions Inc., up 0.45 percent to P18 each.
Is the US winning under ‘Tariff’ Trump?