Philippine shares fall due to US tariff concerns

Philippine shares declined on Thursday as concerns over US President Donald Trump's tariff threats continued to weigh heavily on local markets, reversing a one-day rebound.

The benchmark Philippine Stock Exchange index (PSEi) dropped 0.43 percent to close at 6,139.51 points, while the broader All Shares index fell by 0.39 percent.

Volume of trade jumped to USD1.8 billion from USD1.34 billion in the previous day, with decliners outnumbering advancers at 127 to 63 and 48 counters unchanged.

Market analysts noted that Trump's pronouncements on new auto import tariffs have unnerved investors, causing General Motors and Stellantis stocks to drop over three percent.

Philstocks Financial Research Manager Japhet Tantiangco stated that the local market resumed its decline due to negative spillovers from Wall Street and weakening peso against the US dollar, with foreigners leading selling activities resulting in net outflows of PHP187.81 million.

Meanwhile, the local currency strengthened against the dollar, gaining PHP0.32 to PHP57.37 from a PHP57.69 close on Wednesday.