Tariff ruling tagged as stocks, peso gain
THE stock market rose for a fourth straight trading day and the peso also hit a five-month high on Monday, a result an analyst said was partly due to last Friday’s US Supreme Court ruling striking down President Donald Trump’s tariffs.The benchmark Philippine Stock Exchange index (PSEi) added 23.39 points, or 0.36 percent, to 6,488.51 and the broader All Shares also rose, by 20.93 points or 0.59 percent, to 3,591.61.The peso ended at P57.575:$1, strengthening by 60 and a half centavos to its strongest close since Sept. 24, 2025’s P57.461:$1. It opened at P57.95 and traded between P57.53 and P57.999. Volume reached P1.716 billion, up from Friday’s P1.367 billion.Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso strengthened after the US Supreme Court ruled against former President Donald Trump’s global tariffs, a decision that triggered immediate gains in emerging market stock markets and currencies.He said the PSEi’s advance, which followed a brief profit-taking period ahead of the Lunar New Year holidays and marked near two-week highs, was also supported by the Supreme Court’s tariff ruling.Ricafort said the ruling was expected to speed up global trade, support economic growth and ease inflationary pressures, benefiting Philippine exporters exposed to US tariffs.Meanwhile, Regina Capital Development Corp. managing director Luis Limlingan said investor appetite for stocks was supported by corporate earnings and continued confidence despite cautious trading volume amid global uncertainties.He said the local market resilience was also being underpinned by government reforms and plans for catch-up infrastructure spending in the first quarter, which will boost investor confidence.Market breadth favored advancers on Monday with 123 gainers, 69 decliners, and 72 unchanged, while total turnover reached P5.49 billion, net of extraordinary block sales.
2026-02-23 16:18:00