Manila: Local stocks and the peso took a hit on Monday, as the United States imposed new tariffs ahead of its "liberation day" on April 9, rattling markets globally. The Philippine Stock Exchange index (PSEi) tumbled by 4.3 percent to 5,822.85, while the All Shares index fell 4.03 percent to 3,496.77 points.

According to Philippines News Agency, all sectors ended in red, with the biggest losses coming from the Mining and Oil sector, which plummeted by 8.75 points to 8,560.36. This was followed by Services, with shares dropping by 4.97 percent; Industrial, down by 4.81 percent; Financials, down by 4.60 percent; Holding Firms, down by 3.78 percent; and Property, down by 3.02 percent.

The indices in the red territory reached 201, with only 32 in the green, and 33 were left unchanged. "Philippine shares were heavily sold as the escalation of the tariffs rattled markets across the globe," Regina Capital Development Corp. head of sales Luis Limlingan said in a statement. "Many are now looking as to whether other countries will continue to retaliate in a back and forth increase," Limlingan added.

Meanwhile, the Philippine peso also closed weak Monday against the US dollar at 57.43 from 56.82 last week. The peso returned to the 57-level after shedding 0.61 to the dollar. It opened the day at 57.10 from a kick-off of 56.95 and traded between 57 and 57.45, bringing the average level for the day at 57.30 to the greenback. Trade volume jumped to USD2.17 billion from USD2 billion last week.