The local stock market bounced back to the 6,000 level and recovered more than half the steep loss suffered in the previous day as most countries chose diplomacy over a trade war with the US.

The main index surged by 183.49 points or 3.15 percent to close at 6,006.34 with Services leading the advance across the board. Volume dropped to 1.22 billion shares worth P6.31 billion as gainers outnumbered losers 127 to 75 with 60 unchanged.

“Philippine shares made a furious return after falling to its lowest since October 2022, as many countries came to the negotiating table to resolve the tariff war ignited by the President Trump,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

This is even though US stocks closed mixed Monday after President Trump threatened a 50 percent tariff on Chinese goods, triggering the Dow’s largest intraday swing ever. 

Investor fears spiked, as Trump ruled out pausing the tariff plan and warned talks with China would end if demands weren’t met.