Tariff anxiety pulls down PSEi below 6,500

The Philippine Stock Exchange Index (PSEi) again failed to hold the 6,500 level on Tuesday. As anxious investors digested the United States’ latest tariff threats.

By the end of the session, the benchmark index had lost 1 percent, or 65.57 points, to close at 6,459.47.

Likewise, the broader All Shares Index shed 0.65 percent, or 25.09 points, to end at 3,807.27.

A total of 1.65 billion shares worth P5.9 billion changed hands, stock exchange data showed.

Without fresh catalysts at home, traders turned their attention to tariff negotiations abroad, said Japhet Tantiangco, research head at Philstocks Financial Inc.

The latest development is US President Donald Trump’s threat to impose a 30-percent duty on all imports from Mexico and the European Union (EU) starting Aug. 1.

Foreign press reported that the EU had promised to retaliate, again triggering uncertainties ahead of the tariff deadline.

The conglomerates saw the steepest decline as most holding firms slipped.

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Top-traded stock Puregold Price Club Inc. climbed 0.28 percent to P36.40 per share. It was followed by International Container Terminal Services Inc., down 0.54 percent to P443.60; Globe Telecom Inc., down 2.85 percent to P1,637; SM Prime Holdings Inc., down 3.37 percent to P24.40; and SM Investments Corp., down 2.89 percent to P874 each.

Others were Ayala Land Inc., down 1.1 percent to P26.90; DigiPlus Interactive Corp., down 2.64 percent to P35.05; BDO Unibank Inc., down 0.39 percent to P151.40; Ayala Corp., down 2.1 percent to P605; and GT Capital Holdings Inc., down 0.22 percent to P688.50 per share.

Gainers and losers were neck and neck, 98 to 96, while 56 companies closed flat, stock exchange data also showed.