Philippine stocks decline over U.S. tariff concerns

MANILA, Philippines – The Philippine Stock Exchange experienced a significant decline on Monday as investors reacted to new tariff policies from the United States. The benchmark Philippine Stock Exchange Index (PSEi) fell by 1.19 percent, or 74.73 points, ending the day at 6,192.02. The broader All Shares Index also dropped, losing 0.96 percent, or 35.81 points, to close at 3,691.31. Around 630.53 million shares were traded, with a total value of P4.63 billion. Foreign investors sold more shares than they bought, resulting in a net outflow of P240.83 million. Research head Japhet Tantiangco from Philstocks Financial Inc. linked the market's decline to worries about the U.S. tariffs that will take effect on April 2. These tariffs will apply to countries that increase their own import duties on U.S. goods. All market sectors declined, with the services sector hit hardest. International Container Terminal Services Inc. saw its shares drop by 2.96 percent to P360 each. In contrast, Emperador Inc. was the top performer, rising by 3.67 percent to P12.44. Other notable stocks included Ayala Land Inc., which fell by 1.98 percent to P22.25, and Bank of the Philippine Islands, down 1.86 percent to P132. BDO Unibank Inc. also dropped by 1.81 percent to P157.40. Overall, there were 123 losers and 61 gainers in the market, with 50 companies ending the day unchanged.