The Philippine Stock Exchange index (PSEi) opened the week on a weak note, sliding 2.17 percent or 136.32 points to close at 6,145.24 on Tuesday as renewed tariff threats from the United States dampened investor confidence.

Market sentiment turned cautious after US President Donald Trump warned of imposing significant tariffs on China should it refuse to export rare-earth magnets to the US. He also raised the possibility of additional duties against countries that maintain taxes and other measures on digital services.

Trading was brisk with net value turnover reaching P13.28 billion. Foreign investors remained net sellers, logging net outflows of P2.04 billion.

Only the mining and oil index managed to stay in positive territory, posting a 1.05 percent gain. All other sectors retreated, led by services which plunged 5.47 percent. Market breadth was negative as decliners outpaced advancers, 112 to 81.

Meanwhile, the peso ended the session at P57.07 against the US dollar, according to the Bankers Association of the Philippines.