mega swerte Imminent Trump 2.0 paints PSEI red
Updated:2024-11-07 03:14 Views:83
Investors turned anxious on Wednesday as Republican Donald Trump appeared to be winning a second term as US president, pushing the Philippine Stock Exchange index (PSEi) into red territory.
The benchmark PSEi dropped by 1.27 percent or 92.52 points to settle at 7,165.42 while the broader All-Shares index slid by 0.59 percent or 23.54 points to close at 3,969.97.
“The benchmark index fell as investors reacted to US elections pointing to a significant victory for Donald J. Trump and the Republican Party,” said China Bank Capital Corp. managing director Juan Paulo Colet.
Article continues after this advertisement“Foreign investors turned net sellers by more than P1 billion and many market participants turned cautious in the face of speculation on the economic policy impact of a second Trump administration on emerging markets like the Philippines,” Colet added.
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Previously, veteran analyst and Reyes Tacandong & Co. senior adviser Jonathan Ravelas told the Inquirer that a Trump presidency might push interest rates up given his inclination toward hiking import tariffs, which can also heat up consumer prices.
Article continues after this advertisementAll sub-sectors were in the red. The property and services indices fell the deepest, recording a decline of 2.94 percent and 1.93 percent, respectively.
Article continues after this advertisementOver 1.33 billion shares valued at P4.58 billion were traded. Losers led gainers, 105-83, while 49 issues did not change.
Article continues after this advertisementThe most actively traded shares were that of International Container Terminal Services Inc., dropping by 3.37 percent to P395.20.
This was followed by BDO Unibank Inc., down 3.85 percent to P150; SM Prime Holdings Inc., down 3.4 percent to P29.80; Ayala Land Inc., down 4.35 percent to P33; SM Investments Corp., flat at P962; and Bank of the Philippine Islands, up 0.21 percent to P143.80.
Article continues after this advertisementOther active names were Metropolitan Bank & Trust Co., up 1.04 percent to P77.80; Aboitiz Equity Ventures, up 1.13 percent to P35.80; DigiPlus Interactive Corp., down 1.65 percent to P20.90; and JG Summit Holdings, flat at P24.
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