PSEi slips anew as Trump policies spook investors

MANILA, Philippines —  The local market remained in negative territory for the second straight session, still weighed down by worries over President Donald Trump’s ever-changing trade policies that could send the US economy into recession.

The Philippine Stock Exchange index (PSEi) slipped by 0.18 percent or 11.29 points to end yesterday’s session at 6,195.26.

The broader All Shares index also ended in the loss column, slipping by 0.08 percent or 2.79 points to 3,681.80.

“The market slipped anew on continued concerns about Trump’s erratic trade policy and a potential slowdown in the US economy,” China Bank Capital Corp. managing director Juan Paolo Colet said.

Based on yesterday’s trading, Colet said that the arrest of former president Rodrigo Duterte has not had a material effect on the local stock market, noting that “many large investors do not appear to be particularly perturbed by that issue.”

“Naturally, they will observe how the situation evolves, but their primary focus is on Trump, the Fed and US markets,” he said.

Net value turnover thinned to P5.04 billion from the previous day’s P6.94 billion.

“The market fell further as investors took cues from Wall Street’s fall driven by recession fears and cautious trading ahead of the release of the US’ March inflation report. Investors also digested the US’ 25 percent tariffs on steel and aluminum imports which had already taken effect and the ensuing retaliation from the European Union,” Philstocks Financial research manager Japhet Tantiangco said.

Sectoral gauges were a mixed bag, with property leading those in the green with a 1.24 percent jump.

Services, meanwhile, posted the largest drop at 1.26 percent.

Decliners pummeled advancers, 127 to 77, while 40 issues were unchanged.