Philippine stock slipped on Wednesday as market focus shifted to the Trump administration’s July 9 tariff deadline.
The Philippines’ major stock exchange index (PSEI) fell 0.07% or 4.80 points at 6,419.05, while the wide range of all stock indexes fell 0.06% or 2.45 points to 3,796.91.
“As global trade uncertainty is stressing emotions, local markets are backing. This is because the deadline for trade negotiations with the United States is near the deadline for trade negotiations, and no deals are established lead to the imposition of mutual tariffs,” Japhet Louis O. Tantianco, research manager at Philstocks Financial Inc. said in a Viber message.
“Investors have also digested the latest Fed comments, showing [US President Donald J.] Trump’s tariffs have hindered their policy easing. From a positive point of view, the loss was trimmed at the last minute, allowing the market to stay above 6,400 ground. ” he added.
Mr Trump said he was not considering the deadline for a trade deal that would be negotiated with the United States and again doubted whether it could be reached with Japan, although he expected a deal with India.
Fed Chairman Jerome H. Powell reiterated the U.S. central bank plans to “wait and understand” the impact of tariffs on inflation before lowering interest rates.
Traders cuts from the Fed by about 64 basis points this year, with a 21% chance of moving in July.
The U.S. planned “countdown” tariffs have been suspended for 90 days until July 9, but coverage remains in effect.
“Power stocks remained above the 6,400 stance as investors remained cautious and closely monitored signals of future economic conditions in Friday’s inflation report,” Regina Capital Development Corp. Luis A. Limlingan of Viber added in a Viber message.
The sector index ended Wednesday. Mining and oil fell 2.04% or 198.79 points to 9,513.42; financial position fell 0.97% or 22 points to 2,246.86; services fell 0.21% or 4.65 points to 2,154.93.
On the other hand, property rose 0.6% or 14.63 points to 2,454.67; industry rose 0.46% or 42.55 points to 9,107.31; and holding companies rose to 5,618.25 by 0.26 points.
Mr Tantiangco said: “GT Capital Holdings, Inc. was the index leader of the day, climbing to P635. PuregoldPrice Club, Inc. is the main index Laggard, down 2.78% to P34.95.”
The value of the value of Wednesday rose to Rs 7.77 crore on Wednesday, with 792.4 million shares trading from 7.69 billion shares, and 1.35 billion shares exchanged on Tuesday.
The number of rejecters far exceeded the forwards, while 111 vs. 76, and 67 names remained unchanged.
Net foreign purchases fell from Pes 969.71 million on Tuesday to P25.84 million. – Revin Mikhael D. Ochave and Reuters
