Philippine stocks plummeted Thursday, falling below the 6,300 level, and the peso slid to 58.32 against the US dollar a day before the 19-percent US tariff on Philippine goods takes effect.
The Philippine Stock Exchange index, the local stock barometer, plunged by 65.60 points, or 1.04 percent, to close at 6,252.73. The wider all-shares index also ended lower by 39.68 points, or 1.05 percent, to settle at 3,736.91.
Analysts said the investors were jittery over the US tariff deadline on Aug. 1 as US President Donald Trump ruled out extension. Several countries were still in talks with US for tariff deal.
Philstocks Financial Inc. said investors were also digesting the outcome of the Federal Reserve’s latest policy meeting where interest rates were kept unchanged and no definite outlook was given.
“The peso’s further depreciation also weighed on the local market,” Philstocks said.
All indices ended in the negative territory, led by mining and oil, which declined by 3.01 percent and holding firms which went down by 1.61 percent.
Trading was active with value turnover at P7.45 billion. Decliners edged out advancers, 134 to 61.
Foreign investors turned net buyers as inflows reached P228.54 million.
Puregold Price Club Inc. was the day’s main index gainer, climbing by 2.56 percent to P40, while GT Capital Holdings Inc. was the index laggard, decking by 5.29 percent to P559.50.
DigiPlus Interactive Corp. remained the most actively traded stocks, as its share price went down by 29.9 percent to P25.20.
