Lingering tariffs fears weigh down on PSEi

The local bourse extended its losing streak to a third session on Tuesday as pessimistic investors continued to weigh upcoming US trade policies.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.52 percent, or 32.17 points, to 6,159.85. This marks its third consecutive session of ending in the red territory.

The broader All Shares Index likewise lost 0.92 percent, or 34.13 points, to 3,657.18.

A total of 520.6 million shares worth P4.75 billion changed hands, stock exchange data showed. Foreigners opted to shed their stocks, with foreign outflows totaling P604.52 million.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the drop was due mostly to uncertainty over US President Donald Trump’s tariff plans.

Reports said while Trump had planned to delay some tariffs, he also confirmed that duties on pharmaceuticals and automobiles would be announced soon.

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Investors snapped up shares of property and services firms, buoyed by gains at index heavyweights SM Prime Holdings Inc. and International Container Terminal Services Inc. (ICTSI).

BDO Unibank Inc. was the top-traded stock as it declined by 0.89 percent to P156 each. It was followed by ICTSI, up 0.89 percent to P363.20; Jollibee Foods Corp., down 3 percent to P232.80; Metropolitan Bank and Trust Co., down 0.82 percent to P73; and DigiPlus Interactive Corp., down 4.1 percent to P35.05 each.

Other actively traded stocks were Ayala Land Inc., flat at P22.25; Manila Electric Co., up 0.38 percent to P525; Semirara Mining and Power Corp., down 4.59 percent to P35.30; SM Prime, up 1.08 percent to P23.40.