Philippine stocks seized a three-day climb on Thursday as the main index dropped to level 6,400 after the U.S. announced plans to impose a 20% “reciprocal” tariff on imports of Filipino goods starting on August 1.
The Philippine Stock Exchange Index (PSEI) fell 0.63% or 41.14 points to close at 6,463.20, while the broad all-stock index fell 0.13% or 5.16 points to 3,812.46.
“The reason the market is above the 6,500 level is therefore understandable profits, using excuses as an excuse to sell the 20% tariff rate of the U.S. slap in the Philippines,” Cristina S. Ulang said first in Viber information. PSEI closed at level 6,500 for the first time in nearly two months on Wednesday.
“The lateral movement of local markets ends in negative areas, reflecting investors’ reaction to the United States,” Japhet Louis O. Tantiangco, research manager at Philstocks Financion Inc. said in a Viber message.
The Philippines’s economic affairs minister said Thursday that the Philippines was concerned about the decision to impose 20% tariffs on U.S. exports to the Philippines, but its economic affairs minister said Thursday.
Frederick D. Go, Special Assistant to the President for Investment and Economic Affairs.
“We remain committed to continuing to engage in good faith with the United States, bilateral, comprehensive, economic consent, or when possible, FTA negotiations are held,” Mr Go said in a media briefing.
Philippine officials are scheduled to hold talks with their U.S. counterparts next week before the trip takes effect on August 1.
Most sector indexes closed Thursday. Finance fell 1.1% or 24.83 points to 2,223.71; industrialists fell to 0.79% or 73.45 points to 9,142.09; holding the company to sink 0.75% or 42.84 points to 5,648.7; property retreats were 0.3% or 7.60 points to 2,472.65.
Meanwhile, mining and oil rose 2.42% or 222.92 points to 9,417.70, and services rose 1.17% or 25.68 points to 2,209.57.
Mr Tantiangco said: “Monde Nissin Corp. was the highest index acquirer of the day, climbing to 3.89% to P7.75. AyalaLand, Inc. was the worst index performer, falling to P27.35.”
Value turnover rose to pes 9.45 billion on Thursday, with 140 billion shares trading from 7.79 billion shares and exchanged for 1.41 billion issues on Wednesday.
The progressive defeated the deleter by 107 vs. 85, while the 55 names remained unchanged.
Net sales from foreign net sales climbed to P580.67 million from Phillipino peso on Wednesday to P580.67 million. – Revin Mikhael D. Ochave and Reuters
