Stocks sustain climb after US tariff ruling

MANILA, Philippines — The Philippine Stock Exchange index (PSEi) sustained its momentum from last week, with buying pressure extending the market’s winning streak.

The benchmark PSEi opened the week strong at 6,488.51, up by 0.36 percent or 23.39 points.,

The broader All Shares index likewise settled in the positive territory, increasing by 0.59 percent or 20.93 points to 3,591.61.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the PSEi again ended higher for the fourth straight trading day after the Supreme Court ruled against US President Donald Trump’s global tariffs that led to immediate gain for Emerging Market stock markets and currencies.

Ricafort said reduced US tariffs would lead to faster global trade, investments, employment and overall global growth, reversing some of the tariff’s drag on the global economy since last year.

“The PSEi ended higher as buying pressure persisted in today’s session, with more earnings releases driving sentiment toward individual stocks,” Luis Limlingan of Regina Capital said.

Limlingan, however, said concerns over new tariffs kept trading volume subdued, as fresh global uncertainties weighed on overall market activity.

Total turnover value stood at P6.12 billion.

All sectors were in the green, except for services which slipped by 0.59 percent.

Mining and oil led the charge, rising by 2.97 percent, followed by property, which surged by 1.39 percent.

Advancers battered decliners, 123 to 69, while 72 issues were unchanged.