PSEi down as tariff hike dents investor sentiment
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Fri, 10 May 2019 16:22:16 +0000
THE stock market declined for a second day on Friday as investors sold off on news that the United States has levied higher duties on Chinese imports.
The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.17 percent or 13.42 points to close at 7,742.20. The broader All Shares, meanwhile, dropped by 0.35 percent or 16.59 points to finish at 4,791.26.
“Philippine shares whipsawed between gains and losses…before settling [in] the red with the trade tension at the center,” Regina Capital Development Corp. head of sales Luis Limlingan said.
Washington just raised tariffs to 25 percent on $200 billion worth of Chinese goods from 10 percent on Friday, even amid trade negotiations with Beijing, which said it would take countermeasures without specifying them.
Wall Street’s main indices all finished in the red. Meanwhile, regional markets were mixed, as Tokyo slipped 0.27 percent, Jakarta dipped 0.06 percent and Bangkok shed 0.29 percent.
Meanwhile, Shanghai and Hong Kong remained firm despite the the news, up 3.10 percent and 1.01 percent, respectively.
Seoul also rose 0.29 percent, and Singapore inched up by 0.06 percent.
In a separate comment, P2P Trade Online sales associate Gabriel Jose Perez pointed to net foreign selling as having weighed on the PSEi.
In Manila, only the financials and industrial indices finished strong, up 1.18 percent and 0.21 percent, respectively.
Volume turnover stood at 817 million issues valued at P7.55 billion.
Losers led winners, 101 to 78, while 64 issues were unchanged.
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