PSEi tumbles amid Trump’s tariff threat on China

The Philippine Stock Exchange index (PSEi) stumbled to a four-month low on Tuesday as investors reacted to US President Donald Trump’s latest tariff threat against China.

By the end of the session, the benchmark PSEi had lost 2.17 percent or 136.34 points to close at 6,145.24. This is its lowest closing value since April 24.

Likewise, the broader All Shares Index shed 1.42 percent or 53.03 points to end at 3,684.55.

A total of 1.55 billion shares worth P14.32 billion changed hands, stock exchange data showed.

Japhet Tantiangco, research head at Philstocks Financial Inc., said Trump’s threat of a 200-percent tariff on Chinese products, if China did not export rare earth magnets to US, significantly dampened investor sentiment.

Traders likewise digested the American central bank’s hint of a rate cut next month. This is a move that the Bangko Sentral ng Pilipinas may anticipate during its rate-setting meeting on Thursday.

Banks and services firms bled heavily, with index heavyweight BDO Unibank Inc. tumbling by 7.99 percent to P131.20 each. Also, International Container Terminal Services Inc. slipped by 7.47 percent to P453.20 per share.

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Ayala Land Inc. was one of the index’s rare gainers as it rallied by 5.17 percent to P28.50.

Other actively traded stocks were Bank of the Philippine Islands, down 1.92 percent to P112.10; Manila Electric Co., down 0.18 percent to P546; SM Investments Corp., down 0.77 percent to P770; RL Commercial REIT Inc., down 4.44 percent to P7.74; and D&L Industries Inc., down 6.61 percent to P4.66 per share.

Losers outnumbered gainers, 112 to 81, while 64 companies closed flat, stock exchange data also showed.