PSEi falls below 6,400 on off-then-on US tariffs

The Philippine Stock Exchange Index (PSEi) fell below the 6,400 level on Friday. This was after the US appellate court reinstated President Donald Trump’s tariffs, triggering some uncertainty among investors.

By the closing bell, the benchmark PSEi had tumbled by 1.11 percent, or 71.28 points, to 6,341.53.

Likewise, the broader All Shares Index shed 0.79 percent, or 29.48 points, to close at 3,723.62.

A total of 2 billion shares worth P40 billion changed hands, stock exchange data showed.

Value turnover was higher than the year-to-date average of P6.6 billion due to Robinsons Retail Holdings Inc.’s P15.77-billion share buyback.

This is according to Unicapital Securities Inc. research head Wendy Estacio-Cruz. She also said that the PSEi’s decline was due to “legal uncertainty” over Trump’s reciprocal tariffs.

Reuters reported that a US trade court had blocked Trump’s moves to raise tariffs, supposedly having exceeded his authority.

However, the US Court of Appeals for the Federal Circuit in Washington recognized the White House’s appeal to reverse the lower court’s decision.

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Thus, the tariffs were reinstated, and the government was given until June 9 to respond to the ruling.

International Container Terminal Services Inc. (ICTSI) was the most actively traded stock as it shed 0.53 percent to P410 each.

It was followed by SM Prime Holdings Inc., down 1.53 percent to P22.55; BDO Unibank Inc., down 1.11 percent to P161; Aboitiz Equity Ventures Inc., down 5.48 percent to P34.50; and Jollibee Foods Corp., down 6.46 percent to P223 each.

Others were Bloomberry Resorts Corp., down 7.32 percent to P4.18; SM Investments Corp., down 1.3 percent to P835; PLDT Inc., down 3.57 percent to P1,216; Ayala Land Inc., down 2.75 percent to P23; and Bank of the Philippine Islands, up 0.8 percent to P139.10 each.