PSEi drops anew on trade war jitters
THE stock market succumbed to profit-taking in early trading Thursday, mirroring US stocks, which closed lower overnight on lingering trade tensions overseas.
At the noon break, the bellwether Philippine Stock Exchange index was down 1.31 percent or 94.28 points at 7,082.15 while the wider All Shares was down 1.02 percent or 44.65 points at 4,334.65.
Except for the services and mining and oil sectors, which eked out marginal gains of 0.07 percent and 0.06 percent, respectively, all other sectors were lower.
“Philippine markets reverted back to selling with US stocks closing lower…due to uncertainties over trade policy,” Regina Capital Development Corp. Managing Director Luis Limlingan said.
Wall Street’s three main indices were all in the red, with the Dow Jones down 0.68 percent, the S&P 500 dropping 0.86 percent, and Nasdaq falling 1.54 percent.
Investors reportedly remain cautious over trade tensions which have been dampening investor sentiment in recent weeks.
“This has so far deterred the local market from more bargain-hunting and window dressing today,” Limlingan added. ANGELICA BALLESTEROS
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