The Philippine Stock Exchange index (PSEi) fell on Thursday, closing at 6,463.20 – down 41.14 points or 0.63 percent – as investor sentiment weakened amid renewed trade tensions between the Philippines and the United States.
Philippine equities tracked regional losses, with selling pressure accelerating toward the close following reports that the US will impose a 20 percent tariff on Philippine exports starting 1 August. The move marks an increase from the 17 percent reciprocal rate announced in April, and comes alongside similar tariff notifications sent earlier this week to at least 14 other countries, including South Korea and Japan.
Despite the decline, oil prices provided some global market support, with Brent crude steady at $70.19 per barrel, up 0.06 percent, amid strong US gasoline demand and persistent shipping disruptions in the Red Sea.
Trading value reached P7.88 billion, net of extraordinary block sales. Market breadth was positive with 107 advancers outpacing 85 decliners, while 55 issues were unchanged.
Meanwhile, the peso opened at 56.48 against the US dollar and closed slightly stronger at 56.47. The weighted average stood at 56.435, according to the Bankers Association of the Philippines.