Philippine stocks ended the choppy trading week in the green, as investors looked for bargains after the index fell below the 6,200 level.
The 30-company Philippine Stock Exchange Index closed at 6,147.44 Friday, up by 7.93 points, or 0.13 percent, while the broader all-shares index climbed 4.59 points or 0.12 percent.
“Investors hunted for bargains today as the market has been in the negative territory for the most part of the week,” Philstocks Financial Inc. research head Japhet Tantiangco said.
Tantiangco said foreign investors buying, amounting to P70.34 million, contributed to the market’s uptick.
Despite foreign buying, trading was lethargic, with net value turnover at P3.26 billion reflecting the weak confidence towards the market amid global trade uncertainties.
Properties led the sectors, gaining 0.95 percent while services advanced 0.74 percent. The banks lost the most, shedding 0.27 percent. Gainers outnumbered losers, 110 to 75.
Bloomberry Resorts Corp. was the top index gainer, jumping 5.84 percent to P3.08, while LT Group Inc. was at the bottom, falling 2.60 percent to P12.
Meanwhile, auto companies in Asia once again took the brunt of the selling on another tough day for markets on Friday after President Donald Trump announced steep tariffs on vehicle imports to go with a wave of other US levies pencilled in for next week.
The mood on trading floors has soured in recent weeks as the White House presses ahead with its hardball policy approach that has hit friend and foe alike and fuelled recession fears.
The president’s pledge to impose 25 percent levies on all autos coming into the United States overshadowed earlier indications that planned reciprocal measures due on Trump’s “Liberation Day” on April 2.
Governments around the world have hit out at the announcement, with Canadian Prime Minister Mark Carney saying the “old relationship” of deep economic, security and military ties with Washington “is over.”
But warnings of retaliation have stoked worries of a long-running global trade war and a reignition of inflation that could force central banks to rethink plans to cut interest rates.
Uncertainty over Trump’s plans and long-term intentions has led to uncertainty among investors, sparking a rush out of risk assets into safe havens such as gold, which hit a new record high of $3,085.96 Friday.
Analysts said that while there is hope negotiations with Washington could see the duties tempered, investors were likely choosing to play a wait-and-see game.
Equity markets in Asia were mixed on Friday after another down day on Wall Street, with auto firms again taking the brunt.
Tokyo sank 1.8 percent as Toyota — the world’s biggest carmaker — Honda, Nissan and Mazda tumbled between 1.3 and 3.9 percent.
Also in the red was Nippon Steel after it said it would invest as much as $7 billion to upgrade US Steel if its huge takeover goes ahead. It had initially flagged a $2.7 billion investment.
Seoul was off 1.9 percent as Hyundai gave up 2.6 percent.
Tariff worries also saw Hong Kong, Shanghai, Singapore, Taipei, Wellington and Mumbai fall.
Bangkok was in the red when trading was suspended as the Thai capital was shaken by a powerful earthquake in neighboring Myanmar.