Tariff jitters continue grip as PSEi nears 6,500

The local bourse inched closer to 6,500 on Friday as US markets were closed overnight, resulting in sluggish trading.

By the end of the session, the benchmark Philippine Stock Exchange Index (PSEi) shed 0.37 percent, or 24.69 points, to 6,613.85.

Meanwhile, the broader All Shares Index added 0.11 percent, or 4.14 points, to close at 3,739.08.

A total of 405.61 million shares worth P5.8 billion changed hands, stock exchange data showed. Foreigners continued to exit the Philippine market, with foreign outflows hitting P1.25 billion.

The PSEi has now declined by 12.45 percent from its recent peak as investors absorbed political developments in the United States.

Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the “sluggish” trading was due to Wall Street’s closure on Thanksgiving weekend.

He added investors remained worried over the impact of US president-elect Donald Trump’s tariff threats against Canada, Mexico and China.

Investors snapped up shares of property firms, while service-related companies recorded the steepest loss as index heavyweight International Container Terminal Services Inc. (ICTSI), the top-traded stock, slipped by 3.9 percent to P370 each.

ICTSI was followed by Bank of the Philippine Islands, down 0.77 percent to P128.6; BDO Unibank Inc., up 1.51 percent to P154.5; Ayala Land Inc., flat at P28.6; and Ayala Corp., also unchanged at P612 per share.

Other actively traded stocks were SM Prime Holdings Inc., down 0.38 percent to P26.4; Universal Robina Corp., down 1.93 percent to P78.95; Century Pacific Food Inc., up 0.72 percent to P42; DigiPlus Interactive Corp., up 4.56 percent to P21.8; and SM Investments Corp., down 0.57 percent to P875 each. —Meg J. Adonis INQ