Stocks mirror reg’l slide on US tariff concerns

The stock market tumbled yesterday, taking the cue from its Asian peers after President Donald Trump said the US would impose a hefty tariff on imported steel and aluminum. The benchmark Philippine Stock Exchange index (PSEi) retreated 7.20 points, or 0.08 percent, to settle at 8,458.57.

Likewise, the broader All 0.24 percent, to finish at 5,065.34. Shares index lost 12.29 points, or Most counters were down, led by the mining and oil, holding firms, property and services sectors.

Market breadth was negative, 141 to 74 while 41 issues were left unchanged.

Total value turnover was P7.25 billion.

Traders said the market likely took the downward cue from its Asian peers.

“Other Asian markets closed lower as well, which we attribute to the Dow’s 420 point drop last night due to the US setting tariffs for steel and aluminum. We’d like to remain cautious given the ever-present possibility of downturns in the US market like the one last night. Something to definitely look forward to would be how the US markets perform when they open tonight,” said Gabriel Perez, trader at Papa Securities.

He also said that after falling below 8,400 and trading in the red the entire day due to JG Summit’s persistent weakness, the index managed to add more points at the close to end at 8,458.57, a mere seven points away from yesterday’s close.

JG Summit closed at P64.70, down 4.99 percent.