Philippine stocks fell Thursday on last-minute profit taking as worries about the 20-percent US President Donald Trump imposed on local products.
The bellwether Philippine Stock Exchange index declined 41.14 points, or 0.63 percent to close at 6,463.20, while the broader all-shares index slipped by 5.16 points, or 0.14 percent, to settle at 3,812.46.
“Philippine shares fell as investors remained on the sidelines on renewed tariff threats, with markets falling further towards close, on Trump’s latest round of imposing new duties on imports,” Regina Capital Development Corp. head of sales Luis Limlingan said.
The peso, however, appreciated to 56.47 against the US dollar Thursday from 56.57 Wednesday.
The US reported that it would impose 20-percent tariff on products coming from the Philippines, higher than the 17 percent reciprocal tariff announced in April.
Stock indices ended mixed, with mining and oil and services rising by 2.42 percent and 1.18 percent, respectively. Financials declined by 1.1 percent, and industrial by 0.80 percent. Holding firms and property also went down by 0.75 percent and 0.31 percent, respectively.
Value turnover reached P7.88 billion. Market breadth was still positive, with 107 gainers versus 85 decliners, while 55 stocks were unchanged.
SM Prime Holdings Inc. jumped 1.83 percent to P25.05, after the company announced plans to venture into premiums residential market. Ayala Land Inc. declined 3.36 percent to P27.35.
