Philstar
PSEi rises on bargain-hunting as US delays tariffs
The Philippine Stock Exchange index (PSEi) ended its slide on Friday, gaining 0.85 percent to close at 6,306.13 points, following the US extension of the tariff deadline to August 7.
The Philippine peso also appreciated against the US dollar, influenced by the resolution of immediate trade concerns.
Most sectoral counters, except for Mining and Oil, followed the PSEi's upward trend, with Holding Firms and Industrials showing significant gains.
Market turnover remained noticeably low as some investors continued to monitor the broader implications of looming trade policy changes and global market performance.
DigiPlus Interactive Corp. had previously suffered a significant decline amid renewed calls for a ban on online gambling.
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The Philippine Stock Exchange index (PSEi) experienced a further decline on Thursday, closing down 1.04 percent at 6,252.73 points.
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The Philippine Stock Exchange index (PSEi) closed lower on Tuesday, shedding 0.85 percent to end at 6,325.42, as investor sentiment soured following President Ferdinand Marcos Jr.'s State of the Nation Address (SONA).
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The Philippine Stock Exchange index (PSEi) and the peso both declined on Friday due to profit-taking by investors.
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Philippine business groups are cautiously optimistic as the US announced a 19% tariff rate on Philippine goods, a reduction from a potential 20%, in exchange for the Philippines opening its market to US automobile imports with zero duties.
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The Philippine peso depreciated anew, closing at P58.32 against the US dollar, marking its weakest finish in five months.
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