PSEi falls 1.89% as US-China trade tension heats up
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Wed, 08 May 2019 04:26:54 +0000
PHILIPPINE shares fell further in early trading on Wednesday, joining a global decline, as trade tension between the United States and China sparked sell-offs anew among investors.
At the noon break, the benchmark Philippine Stock Exchange index (PSEi) fell by 1.89 percent or 149.71 points to 7,760.92 while the broader All Shares dropped by 1.59 percent or 77.71 points to 4,808.84.
Regina Capital Development Corp. head of sales Luis Limlingan said that investor sentiment was dampened by news that the US would finally raise to 25 percent duties on some $200 billion in Chinese imports on Friday.
The directive was announced by US President Donald Trump via Twitter post over the weekend, and threats of another round of duties on $325 billion Chinese goods could be imposed “shortly.”
All sectoral results were in the red, with the mining and oil index down the most by 3.02 percent.
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