Stocks on edge over new Fed chair choice

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February 3, 2026 | 12:00am

MANILA, Philippines — The local stock market opened the week on a sour note as investors digested US President Donald Trump’s nomination of the next Federal Reserve chair.

The benchmark Philippine Stock Exchange index (PSEi) tumbled by 0.5 percent or 31.89 points to end yesterday’s session at 6,297.08.

The broader All Shares index also retreated by 2.06 percent or 73.71 points, settling at 3,509.52.

“Philippine equities were dragged down by losses in local gold and silver plays after Trump announced his nomination of Kevin Warsh – a former hawkish Fed governor – as the next US Fed chair, contrary to initial market expectations,” AP Securities Inc. said.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said Trump naming Warsh as the next Fed chair, who is less dovish, led to the sharp downward correction in world gold prices to new lows in nearly three weeks, thereby leading to lower stock prices of gold-related stocks.

All local gauges were in the red, except for the services index, which climbed by 1.43 percent.

Mining and oil was the biggest loser, plummeting by 13.61 percent.

Shares of Apex Mining plunged by 20.39 percent to P12.10, while Philex Mining registered a 13.45-percent drop to P10.04.

Trading was active with total turnover value amounting to P9.1 billion.

Market breadth was negative as decliners pummeled advancers, 128 to 79, while 56 issues were unchanged.