Manila: Both the local shares and the currency fell on Tuesday's trading amid fresh tariff threats made by United States President Donald Trump. The Philippine Stock Exchange index (PSEi) declined for the third straight session by 0.52 percent to 6,159.8. All Shares followed after it fell by 0.92 percent to 3,657.18 points.
According to Philippines News Agency, among the sectoral gauges, the Property and Services indices posted gains after these rose by 0.45 and 0.02 percent, respectively. Mining and Oil registered the largest loss at 3.02 percent, followed by Holding Firms, 1.42 percent; Industrial, 0.74 percent; and Financials, 0.56 percent.
Philstocks Financial research manager Japhet Tantiangco said Trump's threat of more tariffs, now on cars, pharmaceutical, lumber, and semiconductors, as well as the plan to impose tariffs against those buying oil from Venezuela, influenced investors to bet on the local stock market. 'The mounting tariff threats are weighing on the global economies outlook,' he said.
Losers led winners at 107 to 84, bringing 56 counters unchanged. Meanwhile, the peso closed the day weak at 57.60 to a US dollar from 57.32 on Monday. The local currency opened at 57.31, before trading between 57.30 and 57.61. The average level for the day stood at 57.40.
Total trade on Tuesday increased to USD1.54 billion from USD1.1 billion in the previous trading day.
