The Philippine Stock Exchange index (PSEi) closed lower for a second straight session on Friday, shedding 25.63 points or 0.40 percent to 6,339.38, as investor sentiment remained cautious over US President Donald Trump’s latest tariff plan on chips and semiconductor exports to the United States. Semiconductors remain the country’s top export to the US.

Trading was active, with net value turnover reaching P6.36 billion. Foreign investors were net buyers, posting net inflows of P37.65 million.

Sectoral performance was mixed, with property stocks leading the gainers after climbing 1.64 percent on expectations of further policy rate cuts from the Bangko Sentral ng Pilipinas. Banks lagged the most, sliding 0.98 percent. Market breadth was negative, with 107 decliners against 96 advancers.

“The market was heavily weighed down by selling pressure, as many investors adopted a wait-and-see stance following the release of the recent Philippine GDP figures,” said Luis Limlingan, head of sales at Regina Capital Development Corp.

“Moreover, attention remains on the upcoming PSEi rebalancing, which is expected to influence overall market movement and liquidity. Wall Street experienced a mixed session as investors balanced new tariff impacts with central bank policy expectations, alongside recent macroeconomic data showing an uptick in jobless claims but also a notable increase in productivity.”

The peso weakened against the US dollar, closing at 57.11 from Thursday’s 56.97, based on data of the Bankers Association of the Philippines.