Market cheers Trump’s 90-day tariff pause

MANILA, Philippines —  Investors cheered US President Donald Trump’s 90-day tariff pause, helping pull the local stock market higher for a second straight session.

The benchmark Philippine Stock Exchange index gained by 1.19 percent or 71.84 points yesterday to close at 6,077.82.

The broader All Shares index likewise maintained its upward momentum, increasing by 1.12 percent or 40.14 percent to 3,622.94.

China Bank Capital Corp. managing director Juan Paolo Colet said the market closed higher on the back of a relief rally in reaction to Trump’s decision to temporarily pause most reciprocal tariffs, including those on the Philippines.

“The benchmark index opened strongly in the morning, but some of those gains melted away over the trading session as investors took profits and trimmed positions to hedge against the escalating trade war between the US and China,” Colet said.

“Nonetheless, market optimism was partly sustained by traders placing bets that the Bangko Sentral ng Pilipinas would cut its policy rate,” he said.

BSP Governor Eli Remolona Jr. announced the resumption of the central bank’s monetary policy easing as it delivered a 25 basis points cut, bringing the key policy rate to 5.50 percent, amid cooling inflation and risks to slower economic momentum.

Trading was strong with a net value turnover amounting to P11.12 billion.

All counters were in the green, led by mining and oil which surged by 6.45 percent.

Market breadth stayed positive as advancers squashed decliners, 129 to 72, while 46 issuers were unchanged.

SM Investments was the most actively traded company, climbing by 6.67 percent to P800 per share, followed by BDO Unibank and ICTSI which declined by 2.34 percent and 2.3 percent, respectively, to P154.30 and P340.