PSEi drops below 6,000 due to Trump tariffs
On Tuesday, the Philippine Stock Exchange index (PSEi) declined by 0.82 percent to close below the 6,000 mark following US President Donald Trump's announcement of imposing tariffs on steel and aluminum imports.
The All Shares index also fell by 0.28 percent, while only the Financials sector saw a gain of 1.25 percent.
The Property and Services sectors experienced the largest declines at 2.81 and 2.23 percent respectively, with other sectors also showing losses.
Philstock Financials assistant manager Claire Alviar attributed the market downturn to Trump's tariff threats which could have negative impacts on the global economy.
The Philippine peso weakened slightly, closing at 58.19 to the US dollar after trading between 58.12 and 58.25.
Investors are now looking ahead to the Bangko Sentral ng Pilipinas' (BSP) meeting this week as a key catalyst for further market direction.
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