REUTERS

PHILIPPINE SHARES slid on Monday as market sentiment was weighed down by continued uncertainty over US President Donald J. Trump’s plan to impose reciprocal tariffs by next week and as the shortened trading session affected value turnover.

The benchmark Philippine Stock Exchange index (PSEi) dropped by 1.19% or 74.73 points to close at 6,192.02 on Monday, while the broader all shares index went down by 0.96% or 35.81 points to 3,691.31.

“The local market extended its drop as investors worried over the US government’s planned reciprocal tariffs on April 2 and its consequences on the global economy,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financial, Inc., said in a Viber message.

“Stocks dropped today on low value turnover… after a shortened trading day, as investors remain cautious ahead of Trump’s April 2 deadline for the implementation of reciprocal tariffs on trade partners,” Alfred Benjamin R. Garcia, research head at AP Securities, Inc., said in a Viber message.

Value turnover dropped to P4.63 billion on Monday with 630.53 million shares exchanged from the P11.77 billion with P1.58 billion shares traded on Friday.

The market’s opening was delayed to past 11 a.m. on Monday, which the PSE attributed to a system connectivity issue.

Rastine Mackie D. Mercado, research director at China Bank Securities Corp., said foreign selling also pulled the market down.

“The PSEi headed lower in a shorter session following a delay in market opening. Foreign funds turned net sellers, breaking their streak of net inflows last week. Moreover, trading volumes also edged lower, likely driven by the lack of catalysts,” Mr. Mercado said in an e-mail.

Net foreign selling stood at P240.82 million on Monday, a reversal of the P1.04 billion in net buying recorded on Friday.

All sectoral indices closed lower on Monday. Services fell by 2.31% or 47.39 points to 1,997.55; property declined by 1.38% or 30.92 points to 2,199.71; financials shed 1.07% or 25.99 points to 2,402.25; industrials decreased by 0.58% or 52.07 points to 8,792.47; holding firms sank by 0.53% or 27.63 points to 5,128.87; and mining and oil went down by 0.52% or 49.53 points to 9,446.63.

“Emperador, Inc. was the day’s top index gainer, climbing 3.67% to P12.44. JG Summit Holdings, Inc. was the day’s worst index performer, plunging 4.57% to P16.72,” Philstocks Financial’s Mr. Tantiangco said.

Market breadth was negative as decliners outnumbered advancers, 123 to 61, while 50 names closed unchanged.

“For [Tuesday’s] session, we think that a test of the 6,150 level is in play, and if successful, could mean a continuation in the range trade bound by 6,150 and 6,350,” China Bank Securities’ Mr. Mercado said. — S.J. Talavera

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