The local stock market weakened as investor sentiment remains dampened by geopolitical concerns such as US tariffs and discouraging economic and inflation numbers.
The main index dropped on Tuesday, Feb. 25, by 31.81 points or 0.52 percent to close at 6,064.16, as conglomerates led the retreat while banks and property firms barely held their ground. Volume improved to 635 million shares worth ₱5.17 billion as losers trounced gainers 125 to 63, with 57 unchanged.
“Philippine shares succumbed to more profit taking once again as concerns over Trump’s trade policies persisted, with tariffs on Canada and Mexico set to take effect after the postponement deadline,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that “weak economic data and ongoing inflation worries dampened sentiment, with investors turning their focus to upcoming earnings reports and the Fed’s preferred inflation indicator, the PCE, for clues on the market's next move.”
On the domestic front, Limlingan said “price action was sluggish once again, as the BSP’s RRR cut provided support but was overshadowed by the geopolitical developments.”
Philstocks Financial Research Manager Japhet Tantiangco said “the local market remained in the negative territory as investors dealt with US President Donald Trump’s decision to push through with their tariffs against Canada and Mexico.”