Trump tariffs drag PSEi below 6,000 mark

The local bourse dipped below the 6,000 level on Tuesday as US President Donald Trump slapped tariffs on all steel and aluminum shipments bound for the United States.

By the closing bell, the benchmark Philippine Stock Exchange Index (PSEi) extended its losing streak and lost 0.82 percent or 49.37 points to 5,987.75.

Likewise, the broader All Shares Index shed 0.28 percent or 10.24 points to close at 3,607.03.

A total of 478.93 million shares worth P5.82 billion changed hands, stock exchange data showed. Foreigners opted to sell their shares, with foreign outflows totaling P655.18 million.

READ: Trump signs executive orders on steel, aluminum tariffs

This comes after Trump imposed a 25-percent tariff on all steel and aluminum imports into the US, regardless of which country these materials will come from.

READ: Global stock markets brush off latest Trump tariffs

According to Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., Trump’s latest move “pressured sentiment” and dragged the PSEi below 6,000.

Only banks registered gains as investors snapped up shares of BDO Unibank Inc. (up 3.83 percent to P140.80) and Metropolitan Bank and Trust Co. (up 2.36 percent to P71.45).

Meanwhile, steep declines at SM Prime Holdings Inc. (down 5.28 percent to P23.30) and Ayala Land Inc. (down 2.04 percent to P24) pulled down property firms.

International Container Terminal Services Inc. was the top-traded stock as it slipped by 4.76 percent to P332 per share.

Other actively traded stocks were DigiPlus Interactive Corp., up 3.75 percent to P33.20; Jollibee Foods Corp., up 1.46 percent to P236; and SM Investments Corp., up 0.13 percent to P794. —Meg J. Adonis