Manila: Concerns on the latest US tariff rates that will take effect on Aug. 1 resulted in the negative close of the Philippine Stock Exchange index (PSEi) on Thursday, but the peso gained against the US dollar. The local bourse's main index shed 0.63 percent to 6,463.20 points, and All Shares by 0.14 percent to 3,812.46 points.
According to Philippines News Agency, most of the sectoral gauges tracked the PSEi, led by the Financials after it fell 1.10 percent. Industrial followed after it dropped by 0.80 percent, Holding Firms by 0.75 percent, and Property by 0.31 percent. On the other hand, Mining and Oil rose by 2.42 percent and Services by 1.18 percent. Volume reached 1.4 billion shares amounting to PHP9.45 billion. Advancers led decliners at 107 to 85 while 55 shares were unchanged.
'Philippine shares fell as investors remained on the sidelines on renewed tariff threats, with markets falling further towards close on Trump's latest round of imposing new duties on imports,' Luis Limlingan, Regina Capital Development Corporation head of sales, said. For one, the tariff on Philippine exports was set at 20 percent, higher than the 17 percent imposed last April.
On the other hand, the local currency gained against the greenback after closing the day at 56.47 from 56.57 a day ago. It opened the day sideways at 56.48, and traded between 56.49 and 56.37. Average for the day stood at 56.43. Volume reached USD1.39 billion, little changed from the previous day's level.
