PHILIPPINE SHARES snapped their three-day climb on Thursday as the main index fell to the 6,400 level anew after the United States announced that it plans to impose a 20% “reciprocal” tariff on imports of Philippine goods starting Aug. 1.
The Philippine Stock Exchange index (PSEi) dropped by 0.63% or 41.14 points to close at 6,463.20, while the broader all shares index went down by 0.13% or 5.16 points to 3,812.46.
“The market is toppish because it’s above the 6,500 level and so profit taking is understandable, using as an excuse to sell the news on higher 20% tariff rate slapped on the Philippines by the US,” First Metro Investment Corp. Head of Research Cristina S. Ulang said in a Viber message. The PSEi closed at the 6,500 level for the first time in nearly two months on Wednesday.
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