PSEi declines further after Trump’s tariff threat

The benchmark index slid to the 6,600 level on Thursday as traders expressed fears over the impact of US president-elect Donald Trump’s tariff threat against three countries.

By the closing bell, the Philippine Stock Exchange Index (PSEi) dropped by 0.96 percent, or 64.05 points, to 6,638.54.
The broader All Shares Index dipped by 0.67 percent, or 25.14 points, to close at 3,734.94.

A total of 974.65 million shares worth P4.92 billion changed hands as foreigners remained net sellers and outflows hit P1.17 billion, stock exchange data showed.

READ: Asian markets mixed after subdued pre-holiday shift on Wall St

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said traders were discouraged by Trump’s tariff threat against China, Canada and Mexico.

Reports coming from the foreign press said Canada was now examining tariffs on certain US items in response.
All subsectors were in the red, with traders shedding industrial and property firms the most.

International Container Terminal Services Inc. was the most actively traded as it closed flat at P385, followed by Bank of the Philippine Islands, down 0.69 percent to P129.6; Ayala Land Inc., down 1.38 percent to P28.6; BDO Unibank Inc., down 0.59 percent to P152.2; and SM Prime Holdings Inc., down 1.85 percent to P26.5 per share.

SM Investments Corp. was one of the few gainers after it went up by 0.11 percent to P880. Ayala Corp. was down by 1.21 percent to P612; Universal Robina Corp., down 1.83 percent to P80.5; PLDT Inc., up 0.7 percent to P1,299; and Jollibee Foods Corp., down 3.9 percent to P261.2 each.