Tariff anxiety pulls PSEi below 6,400
Anxiety over trade talks abroad caused the Philippine Stock Exchange Index (PSEi) to shed some of its recent gains on Tuesday.
By the closing bell, the PSEi had dipped below the 6,400 level. It lost 0.91 percent, or 58.46 points, to close at 6,347.67.
Likewise, the broader All Shares Index shed 0.74 percent, or 28.09 points, to 3,758.5.
A total of 1.45 billion shares worth P9.4 billion changed hands, stock exchange data showed.
Luis Limlingan said traders were mostly anxious about the ongoing tariff negotiations between the United States and China, and whether the dialogue would yield positive results. He is head of sales at stock brokerage house Regina Capital Development Corp.
All subsectors were painted red by the end of the session, with banks registering the steepest decline.
Bloomberry Resorts Corp. was the most actively traded stock as it slipped by 3.89 percent to P5.69 each a day after soft-launching its new online gaming platform.
It was followed by BDO Unibank Inc., down 1.08 percent to P156.20; DigiPlus Interactive Corp., down 5.86 percent to P61.10; Philippine Seven Corp., up 0.44 percent to P45.20; and International Container Terminal Services Inc., up 0.1 percent to P414 per share.
Others were Bank of the Philippine Islands, down 1.22 percent to P137.90; SM Prime Holdings Inc., down 1.96 percent to P22.50; SM Investments Corp., flat at P875; Ayala Land Inc., down 1.25 percent to P23.65; and Metropolitan Bank and Trust Co., down 1.22 percent to P73 each.
Losers overpowered gainers, 128 to 65, while 49 companies closed flat, stock exchange data also showed.
