Philippine stocks fell by more than 100 points Wednesday, while the peso bounced back after hitting the record low on Tuesday.
The bellwether Philippine Stock Exchange index plummeted 104.27 points, or 1.53 percent, to close at 6,702.59, while the broader all-shares index declined by 36.46 points, or 0.96 percent, to settle at 3,760.08.
Analysts said the threat of higher tariffs by US president-elect Donald Trump continued to hound the local equities market.
Trump earlier said he would impose additional 10-percent tariff on all imported products from China and 25 percent tariff on imported products from Mexico and Canada.
“The local market extended its decline as investors continued to digest the latest tariff threats from president-elect Donald Trump against China, Canada,and Mexico,” Philstocks Financial Inc. research head Japhet Tantiangco said.
He said the peso’s weakness also weighed on the local bourse. The peso closed at 58.71 against the US dollar, up from 59.0 on Tuesday.
Value turnover at the stock market was weak at P3.82 billion, lower than the year-to-date average of P5.18 billion.
Foreigner investors remained net sellers, with net outflows amounting to P539.05 million.
All sectors closed in the red, with the conglomerates sliding 2.40 percent, followed by property which shed 1.61 percent.
Decliners edged advancers, 125 to 60.
Manila Electric Co. Inc. was the top index gainer, advancing 1.56 percent to P494.00, while JG Summit Holdings Inc. declined 6.58 percent to P22.70.
