The Philippine Stock Exchange index (PSEi) closed lower on Thursday as investor sentiment turned cautious amid fresh tariff announcements from the United States, set to take effect on August 1. Despite the market dip, the peso strengthened slightly against the US dollar.
The PSEi slipped by 0.63 percent to close at 6,463.20, while the broader All Shares index declined by 0.14 percent to 3,812.46.
Most sectoral indices followed the downward trend, with Financials leading the losses after dropping 1.10 percent. Industrials fell by 0.80 percent, Holding Firms by 0.75 percent, and Property by 0.31 percent.
However, Mining and Oil bucked the trend, gaining 2.42 percent, while the Services sector rose by 1.18 percent.
Total trade volume reached 1.4 billion shares, with a turnover value of PHP9.45 billion. Market breadth was positive, with 107 advancers outpacing 85 decliners, while 55 stocks remained unchanged.
“Philippine shares retreated as investors stayed on the sidelines due to renewed tariff tensions,” said Luis Limlingan, head of sales at Regina Capital Development Corporation. He noted that the latest round of US tariffs—reportedly raising duties on Philippine exports to 20 percent from 17 percent in April—added to market jitters.
Meanwhile, the peso appreciated against the US dollar, closing at 56.47, slightly stronger than the previous day’s finish of 56.57. The currency opened at 56.48 and traded between 56.49 and 56.37, with an average rate of 56.43.
Trading volume in the foreign exchange market reached $1.39 billion, almost unchanged from the prior session.