Local shares pulled back on Thursday, erasing gains from the previous trading day, while the peso closed stronger against the US dollar.
The Philippine Stock Exchange index (PSEi) dropped 0.43 percent to 6,139.51, while the broader All Shares index slipped 0.39 percent to 3,662.36.
Three of the six sectoral indices ended in the green: Mining and Oil rose by 0.81 percent, Property added 0.13 percent, and Financials edged up by 0.06 percent. On the other hand, Industrials fell by 1.27 percent, Services declined 1.11 percent, and Holding Firms lost 0.29 percent.
“The market resumed its downward trend following a brief rebound, weighed down by negative sentiment from Wall Street after US President Donald Trump’s announcement of new auto tariffs,” said Japhet Tantiangco, research manager at Philstocks Financial.
Tantiangco noted that foreign investors led the day’s sell-off, resulting in net outflows amounting to P187.81 million.
“Trading activity was subdued, with net value turnover at just P4.07 billion,” he added.
Market breadth was negative, with 127 decliners outpacing 63 advancers, while 48 issues remained unchanged.
Meanwhile, the peso gained P0.32 to close at P57.37 against the US dollar, strengthening from Wednesday’s finish of P57.69.
The local currency opened weaker at 57.68 compared to the previous day’s 57.58, before rebounding. It traded within the range of 57.37 to 57.68, with an average rate of 57.53 for the day.
Trading volume in the foreign exchange market surged to USD1.8 billion, up from USD1.34 billion the previous day.