Shares drop anew on Trump’s tariff threats

MANILA, Philippines — Share prices tumbled for a third straight session as US President Donald Trump’s tariff plans continued to weigh on investor sentiment.

The bellwether Philippine Stock Exchange index declined by 0.52 percent or 32.17 points to settle at 6,159.85.

The broader All Shares index likewise fell in the red territory, dropping by 0.92 percent or 34.13 points to end at 3,657.18.

“The market retested its support levels as Trump’s tariff threats continue to hang over Asian markets,” AP Securities research head Alfred Benjamin Garcia said.

“However, the index trimmed its losses in the afternoon session as bargain-hunting kicked in,” Garcia said.

Net value turnover remained thin at P4.35 billion, but slightly higher from the previous day’s P3.91 billion.

Most sectors finished lower, led by mining and oil with a 3.02-percent drop.

The property and services indexes, meanwhile, managed to improve by 0.45 percent and 0.02 percent, respectively.

Market breadth remained negative as decliners crushed advancers, 107 to 84, while 56 issues were unchanged.

BDO Unibank was yesterday’s top traded company, slipping by 0.89 percent to P156 per share, followed by ICTSI, which increased by 0.89 percent to P363.20.

Among index members, URC recorded the largest gain at 1.93 percent, while Semirara Mining and Power lost the most with a 4.59-percent drop.

Equities in the region diverged yesterday, as investors struggled to extend Wall Street’s rally despite easing fears over Trump’s planned tariffs, while traders were also looking ahead to the release of key US inflation data.