The Philippine Stock Exchange index (PSEi) dipped on Friday, July 24, as share prices fell amid concerns over rising oil prices and the higher tariff the United States (US) slapped on Philippine goods.

The main index shed 2.11 points, or 0.03 percent, to close at 6,281.01. Sectoral indices were evenly divided.

Trading volume remained thin at 597 million shares worth ₱5.73 billion. Losers outnumbered gainers—90 to 81, while 69 issues were unchanged.

Philstocks Financial Inc. research manager Japhet Tantiangco said, “The local market declined as sentiment got hammered by the rise in global oil prices with Brent crude hitting $100 per barrel, and the further weakening of the local currency to record lows. If directions are sustained, both are expected to pose upside risks to inflation. On a positive note, last minute bargain hunting trimmed the market’s losses.”

“Investors also remained cautious as they assessed the impact of the new US tariffs on the Philippines. Sentiment was weighed down by uncertainty over the potential effects of higher trade costs on the domestic economy and corporate earnings,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the PSEi declined for the third day in four trading days ahead of the first phase of the ₱85 Metro Manila wage increase, which took effect on July 25, as it could lead to higher labor costs for some listed companies and higher prices of affected goods and services, which in turn could push headline inflation higher, while the dollar reached a new record high of ₱61.85:$1.