Philippines stocks made a profit on Tuesday without new trading drivers.
The Philippine Stock Exchange Index (PSEI) fell 1% or 65.57 points to close at 6,459.47 points, while the widespread all-stock index fell 0.65% or 25.09 points to 3,807.27.
“The local market has shrunk due to the lack of fresh leads, and the lack of new leads for investors,” Japhet Louis O. Tantianco, research manager at Philstocks Financial Inc., said in a Viber message. “Without a new positive catalyst, global trade has achieved the best market sentiment in the planned tariffs in the U.S..”
“As investors responded to President Donald J. Trump’s tariff threat, the Philippines’ stocks weakened as many analysed whether it could be softened by negotiations,” said Louis A. Linling, head of sales at Regina Capital Development, in a message from Viber. “Investors have also been watching other tariff developments after Mr. Trump announced new levies on the EU (EU) and Mexico, and as expectations uncover continued and critical inflation data on the economic impact.”
Stocks climbed globally on Tuesday as market participants entered U.S. earnings with relatively optimistic sentiment, inflation data and trade talks pivotal week.
Mr Trump said he threatened to impose a 30 per cent duty on the EU and Mexico over the weekend, and discussed the tariffs starting August 1. Japan is reportedly trying to arrange a senior meeting with the United States this Friday.
MSCI’s most extensive index in the Asia-Pacific region outside Japan increased by 0.8%, while Europe’s STOXX benchmark grew by 0.2%, and Nasdaq Futures said it would restore sales of its H20 chips in NVIDIA.
Investors are still waiting for U.S. consumer price data in late June and will monitor any upward pressure on tariff prices.
Back home, all department indexes closed Tuesday. Holding enterprises decreased by 1.87% or 107.78 points to 5,636.28; property fell by 1.7% or 42.32 points to 2,434.4; mining and oil retreats 0.97% or 94.77 points to 9,651.96; service sinking 0.71% or 15.63 points to 2,186.81; finance fell by 0.2% or 4.66 points to 2,235.83; industrial communities fell by 0.1% or 10 points to 9,234.49.
Mr Tantiangco said: “Century Pacific Food, Inc. was the best index performer of the day, climbing to 2.99% to P37.95. SMPrime Holdings, Inc. was the worst index performer, falling to P24.40.
Value turnover fell to 5.9 billion pesos on Tuesday, with 1.65 billion shares exchanging from 6.5 billion pesos, and 2.3 billion shares traded on Monday.
Progressors eliminated deleters, 98 to 96, while 56 names did not change.
Net foreign sell-offs reached 322.36 million pesos on Tuesday, with net purchases on Monday of 632.2 million P632.24 million. – Revin Mikhael D. Ochave and Reuters
