Tariff talks anxiety puts a drag on PSEi
Traders’ anxiety about possible last-minute tariff negotiations weighed down the local bourse on Wednesday, with the benchmark stocks index sliding toward the 6,300 barrier.
By the closing bell, the Philippine Stock Exchange Index (PSEi) had shed 0.11 percent or 7.19 points to end at 6,318.23.
Likewise, the broader All Shares Index lost 0.09 percent or 3.49 points to close at 3,776.59.
A total of 800 million shares worth P4.66 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said investors were mostly waiting whether there would be further developments on Washington’s upcoming tariff deadline on Aug. 1.
For its part, the Philippines managed to cut its tariff rate on goods bound for America to 19 percent from 20 percent. Manila, meanwhile, offered zero tariffs on US goods entering the archipelago.
Finance Secretary Ralph Recto warned that the country could lose up to P6 billion in annual revenues from this deal.
Back at the bourse, banks saw the steepest decline as BDO Unibank Inc. and Bank of the Philippine Islands (BPI) both went down.
DigiPlus Interactive Corp. was the most actively traded stock as it climbed 0.84 percent to P35.95 per share, followed by International Container Terminal Services Inc., down 0.31 percent to P445.60; BDO, down 1.01 percent to P147; Jollibee Foods Corp., unchanged at P219; and BPI, down 0.25 percent to P120.70.
Others were SM Prime Holdings Inc., down 0.22 percent to P23.20; and PLDT Inc., up 1.4 percent to P1,308.
