PSEi rides US tariff relief; DigiPlus up 14.6%
The US government’s move to delay the implementation of higher tariffs gave the local stock barometer a much-needed boost on Monday.
By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) climbed by 0.46 percent, or 29.67 points, to close at 6,425.24.
Likewise, the broader All Shares Index added 0.4 percent, or 15.22 points, to 3,779.93.
A total of 910.7 million shares worth P7.78 billion changed hands, stock exchange data showed.
Japhet Tantiangco, research head at Philstocks Financial Inc., attributed the rebound to US President Donald Trump’s decision to move the effectivity of his government’s tariffs to Aug. 1 from July 9 originally.
His “Liberation Day” tariffs have been the source of investor anxiety across the globe in recent months, with the PSEi still not able to regain its pre-Trump strength.
DigiPlus Interactive Corp. again emerged as the top-traded stock after it staged a 14.58-percent comeback to close at P33.80 each, partially regaining lost ground following a Congress proposal to enforce stricter online gambling rules.
Competitor Bloomberry Resorts Corp., which recently launched online platform MegaFUNalo, likewise bounced back by 2.33 percent to P4.39 per share.
Other actively traded stocks were Globe Telecom Inc., down 3.87 percent to P1,639; Bank of the Philippine Islands, up 1.84 percent to P127; Ayala Land Inc., up 2.21 percent to P27.80; and Philippine Seven Corp., up 3.23 percent to P48 each.
Losers overtook gainers, 100 to 96, while 66 companies closed flat, stock exchange data also showed.
