Trade tensions drag PSEi 1.31% in morning trade
Credit to Author: The Manila Times| Date: Fri, 24 May 2019 05:13:07 +0000
THE stock market fell further in early trading on Friday along with global peers as investors remained cautious over the escalating trade tensions between the world’s two largest economies.
At noon break, the benchmark Philippine Stock Exchange index (PSEi) was down by 1.31 percent or 101.86 points at 7,70.17 while the broader All Shares declined by 1.02 percent or 49.01 points at 4,760.25.
“We were following last night’s sell-off on Wall Street brought by their dismal [factory output] figures and the worsening US-China trade war,” Philstocks Financial Inc. research associate Japhet Louis Tantiangco said.
“[A trade deal] between the two is getting dimmer with the White House eyeing more negotiations and a longer period of time before the two could reach an agreement,” he said.
Sectoral results were mostly in the red, except for mining and oil, which paused up 0.12 percent. ANGELICA BALLESTEROS
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