Philippine stock market closes slightly lower amid US economic concerns

The Philippine stock market closed slightly lower on Wednesday, March 12, with the main index dropping 0.18 percent to end at 6,195.26 points.

Despite the arrest of former President Rodrigo Duterte, investor sentiment was not significantly impacted by this development.

Volume in the local market decreased to 741 million shares worth P5.98 billion as losers outnumbered gainers 127 to 77 with 40 stocks unchanged.

Market experts cited concerns over US trade policies and potential economic slowdowns, particularly influenced by President Trump's tariffs on Canadian steel and aluminum.

Investors also took cues from Wall Street’s decline, driven by recession fears and cautious trading ahead of the release of the US March inflation report.

While the arrest of Duterte did not have a material effect on the market, traders remain focused on global economic factors like US monetary policy and trade tensions.

Despite initial declines, losses were partially recovered in the final minutes of trading.