PH stocks dragged by fresh tariff jitters

The local bourse continued to bleed on Monday as investors braced for the impact of the United States’ latest tariff policies on the global economy.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) lost 1.19 percent, or 74.73 percent, to close at 6,192.02.

Likewise, the broader All Shares Index shed 0.96 percent, or 35.81 points, to 3,691.31.

A total of 630.53 million shares worth P4.63 billion changed hands, stock exchange data showed.

Foreigners were net sellers, with foreign outflows totaling P240.83 million.

Japhet Tantiangco, research head at Philstocks Financial Inc., said the decline was driven by anxiety over the United States’ reciprocal tariffs set to take effect on April 2.

This essentially means that the country’s largest economy will impose import tariffs on countries that plan to also raise duties on goods coming from the United States.

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All subsectors were in red territory, with services firms suffering the steepest fall due to a 2.96-percent drop in the shares of International Container Terminal Services Inc. (ICTSI) to P360 each.

Emperador Inc. was the top-traded stock as it gained 3.67 percent to P12.44, followed by ICTSI; Ayala Land Inc., down 1.98 percent to P22.25; Bank of the Philippine Islands, down 1.86 percent to P132; and BDO Unibank Inc., down 1.81 percent to P157.40 each.

Other actively traded stocks were: Metropolitan Bank and Trust Co., up 0.82 percent to P73.60; SM Prime Holdings Inc., down 1.49 percent to P23.15; Jollibee Foods Corp., up 0.84 percent to P240; and Universal Robina Corp., down 1.96 percent to P75 per share.