Local shares extended their decline on Tuesday as investors reacted to new tariffs imposed by U.S. President Donald Trump, while the Philippine peso weakened slightly against the U.S. dollar.
The Philippine Stock Exchange index (PSEi) dropped 0.82%, falling below the critical 6,000 mark to close at 5,987.75. The broader All Shares index also slipped by 0.28% to 3,607.03 points.
Only Financials ended in positive territory among the sectoral indices, gaining 1.26% to 2,243.30.
Other sectors closed in the red, with Property suffering the steepest drop:
- Property: -2.81% (biggest loser)
- Services: -2.23%
- Industrial: -0.93%
- Mining and Oil: -0.06%
- Holding Firms: -0.03%
Declining stocks outnumbered gainers 106 to 78, while 55 stocks remained unchanged.
According to Philstock Financials assistant manager for research and online engagement Claire Alviar, investors were closely watching the impact of Trump’s new tariffs and anticipating key decisions from the Bangko Sentral ng Pilipinas (BSP) meeting scheduled this week.
Peso weakens slightly against the dollar
The Philippine peso depreciated slightly, closing at 58.19 against the U.S. dollar, down from its previous close of 58.10.
- Opening rate: 58.17
- Trading range: 58.12 – 58.25
- Average exchange rate: 58.19
Despite the peso’s slight weakness, trade volume remained stable at $1.2 billion.
With global economic uncertainties, market analysts suggest continued caution among investors, particularly as they await further economic developments and policy decisions.