Trump threats vs EU pulls down PSEi
US President Donald Trump’s latest tirade against the European Union triggered anxiety among investors, causing the local bourse to shed some of its gains.
By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) lost 0.34 percent or 20.87 points to 6,124.09.
The broader All Shares Index likewise declined by 0.36 percent or 13.22 points to close at 3,655.19.
A total of 534.85 million shares worth P6.35 billion changed hands, stock exchange data showed. Foreigners were net sellers, with foreign outflows totaling P368.83 million.
The index’s decline came after Trump threatened to impose a 25-percent tariff on goods coming from the European Union, which further fueled trade war concerns, said Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp.
This likewise follows the Republican president’s confirmation that tariffs on Canada and Mexico would push through.
Back at home, only banks ended positive due to a 1.76-percent rise in top-traded stock BDO Unibank Inc., one of the rare gainers, to P150.50 per share.
BDO was followed by Ayala Land Inc., down 0.22 percent to P22.45; Universal Robina Corp., down 3.94 percent to P68.20; International Container Terminal Services Inc., flat at P340; and Bank of the Philippine Islands, down 0.76 percent to P131.
Other actively traded stocks were Ayala Corp., down 2.59 percent to P565; Jollibee Foods Corp., down 0.75 percent to P266; Aboitiz Power Corp., down 0.86 percent to P40.50; DigiPlus Interactive Corp., down 0.82 percent to P36.40; and SM Prime Holdings Inc., down 1.43 percent to P24.05 each.
Losers outnumbered gainers 103 to 73, while 61 companies closed unchanged, stock exchange data also showed.
