PSEi bounces back to two-month high

Manila, Philippines – US President Donald Trump’s latest tariff threats did little to stop Philippine shares from bouncing back to drive the benchmark index to a two-month high on Monday.

Reaction to Trump’s latest tariffs on imports from two of America’s biggest trading partners, the European Commission and Mexico, was largely muted in Asian trade.

The Philippine Stock Exchange index (PSEi) settled at 6,525.04, ending two sessions of losses with a 1.01 percent gain from Friday’s trade.

“Investors in the Philippines shrugged off the latest development regarding the tariffs of the Trump administration,” said Regina Capital Development Corp. Managing Director Luis Limlingan.

Value turnover – net of extraordinary block sales – was P6.199 billion.

Losers and gainers were even at 97, while 67 names were unchanged.

International Container Terminal Services, Inc. was the most active stock, followed by DigiPlus Interactive Corporation as the latter said its share buyback program will run for 12 months.

PetroEnergy Resources, which told the stock exchange that its solar power plant in Dagohoy in Bohol province is set for commercial operations on July 16, closed steady at P3.60 each.

Business News Anchor Lois Calderon contributed to this story.