PSEi reaches 2-mo high on new Trump tariffs delay

The local stock barometer on Wednesday broke through the 6,500 barrier for the first time in two months as investors continued to cheer the delayed implementation of new tariffs.

The benchmark Philippine Stock Exchange Index (PSEi) rallied by 1.1 percent, or 70.74 points, to close at 6,504.34.

This is its highest closing value since May 14. Back then, the United States began tariff negotiations with several countries to ease global trade tensions.

Likewise, the broader All Shares Index jumped by 0.88 percent, or 33.45 points, to 3,817.62.

A total of 1.41 billion shares worth P7.8 billion changed hands, stock exchange data showed.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the index’s jump was still due to US President Donald Trump’s decision to delay tariffs to Aug. 1. While Trump did not confirm another extension, he signaled an “openness to trade talks,” Ricafort said.

Services firms had the highest jump thanks to top-traded stock and index heavyweight International Container Terminal Services Inc., which rose by 3.57 percent at closing to P441 each, and DigiPlus Interactive Corp., which surged by 5.64 percent to P36.50 per share.

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Other actively traded stocks were Ayala Land Inc., up 2.17 percent to P28.30; SM Prime Holdings Inc., up 4.46 percent to P24.60; and Bank of the Philippine Islands, down 1.2 percent to P123 each.

Universal Robina Corp. was up 2.13 percent to P96; BDO Unibank Inc., down 0.78 percent to P153.40; Jollibee Foods Corp., up 1.33 percent to P229; Metropolitan Bank and Trust Co., up 0.14 percent to P73.80; and Ayala Corp., up 0.08 percent to P595 per share.

Gainers edged out losers, 110 to 90, while 50 companies closed flat, stock exchange data also showed.