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Trump threats on EU pulls down PSEi
The Philippine Stock Exchange Index (PSEi) declined on Friday, shedding some of its previous gains due to escalating trade tensions.
US President Donald Trump's threats of imposing a 25-percent tariff on goods from the European Union triggered investor anxiety, adding to existing concerns from his confirmation of tariffs on Canada and Mexico.
The benchmark PSEi lost 0.34 percent, or 20.87 points, to settle at 6,124.09.
The broader All Shares Index also saw a decrease of 0.36 percent, closing at 3,655.19.
Foreign investors continued their selling trend, resulting in net outflows of P368.83 million.
Despite the overall market downturn, the banking sub-sector ended positive, supported by a rise in BDO Unibank Inc., while other major companies like Ayala Land Inc. and Universal Robina Corp. experienced drops.
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