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Manila Bulletin devider Business devider The Stock Market devider Local equities sink as Trump trade war risks pressure bourse

Local equities sink as Trump trade war risks pressure bourse

Published Jan 21, 2026 05:25 pm
Local equities fell for a fourth consecutive day, tracking a global retreat in risk assets after United States (US) President Donald Trump escalated trade tensions with fresh round of tariff threats against European allies to pressure the sale of Greenland.
The Philippine Stock Exchange index (PSEi) dropped 22.76 points, or 0.36 percent, to close at 6,330.10 on Wednesday, Jan. 21. The retreat follows a slump on Wall Street where major benchmarks hit one-month lows.
Investors are weighing the impact of a potential trade war as the US administration targets eight European nations with 10 percent import duties, set to rise to 25 percent by June, unless control of the Arctic territory is relinquished.
“The PSEi ended lower, extending its decline amid persistent global uncertainty,” said Luis Limlingan, managing director at Regina Capital Development Corp. “Market sentiment remained cautious, keeping buying activity limited.”
The domestic market’s descent was slightly mitigated by a resilient peso, which strengthened against a broad weakening of the US dollar. The greenback has come under pressure as investors price in a higher political risk premium stemming from the administration's aggressive trade stance.
Despite the currency support, the broader equity market struggled to find a floor as the geopolitical standoff over Greenland overshadowed local economic fundamentals.
Volume on the exchange thinned to 1.21 billion shares valued at ₱6.87 billion. The breadth of the market remained negative, with 108 stocks declining against 85 advancing, while 66 remained unchanged.
Sectoral indices were split, reflecting an uneven appetite for risk as traders sought defensive positions.
The selloff in Manila mirrors a broader trend across Asian and European markets, where the prospect of new levies on goods from Denmark, France, and Germany has fueled concerns of a global economic slowdown.
“The local market dropped again amid the negative cues from Wall Street caused by worries over the US tariff threats,” said Japhet Tantiangco, research manager at Philstocks Financial Inc.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., noted that the four-day losing streak highlights the sensitivity of emerging markets to US policy shifts.
He added that the risk-off sentiment is likely to persist as long as the standoff over Greenland remains unresolved, keeping volatility elevated in regional bourses.

Related Tags

Philippine Stock Exchange index Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco Rizal Commercial Banking Corporation Michael L. Ricafort
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