MANILA — The Philippine Stock Exchange index (PSEi) slipped on Thursday as investor sentiment soured over the United States’ decision to impose a higher 20 percent tariff on Philippine exports starting August 1.

However, the peso ended the day slightly stronger against the US dollar.

The PSEi shed 0.63 percent or 41.14 points to close at 6,463.20, while the broader All Shares index declined by 0.14 percent to 3,812.46.

Most sectoral indices ended in the red, led by Financials which dropped 1.10 percent. Industrials lost 0.80 percent, Holding Firms declined 0.75 percent, and Property slipped 0.31 percent.

Mining and Oil bucked the downtrend, gaining 2.42 percent, while the Services index rose 1.18 percent.

Total value turnover reached ₱9.45 billion with 1.4 billion shares traded. Market breadth was positive, with 107 gainers outpacing 85 losers, while 55 shares were unchanged.

“Philippine shares fell as investors remained on the sidelines on renewed tariff threats, with markets falling further towards close on Trump’s latest round of imposing new duties on imports,” said Luis Limlingan, head of sales at Regina Capital Development Corporation.

The market reacted to news that the US government raised its tariff rate on Philippine exports to 20 percent—up from the 17 percent announced in April—sparking concerns over trade and export performance.

Meanwhile, the peso appreciated slightly, closing at P56.47 to the US dollar, up from P56.57 on Wednesday. The currency opened at P56.48 and traded between P56.49 and P56.37, with an average rate of P56.43 for the day.

Dollar trading volume was steady at USD1.39 billion, nearly unchanged from the previous day. (PNA)