PSEi drops anew on US-China trade war
Credit to Author: TYRONE JASPER C. PIAD| Date: Mon, 02 Sep 2019 16:15:46 +0000
INVESTORS sold off their positions as additional tariffs on US and Chinese goods dampened market sentiment on Monday.
The benchmark Philippine Stock Exchange index (PSEi) fell 0.77 percent or 61.13 points to finish at 7,918.53, while the wider All Shares slid 0.25 percent or 11.89 points to end at 4,797.59.
“The newly implemented tit-for-tat tariffs [by] the US and China sent local stocks lower today,” Philstocks Financial, Inc. noted in a market commentary.
Most Asian markets fell on Monday as fresh tariffs on goods worth hundreds of billions of dollars took effect on Sunday, though US President Donald Trump reiterated that the two sides were still due to holds talks this month.
Regina Capital Development Corp. head of sales Luis Limlingan agreed with Philstocks, noting that “uncertainty on the US-China trade relations drove investors to seek safety.”
“With US markets closed for Labor Day and no major economic releases out today, stocks took a breather from a wild month…of trading and were left little slightly lower,” he said.
In Asia, Singapore recorded the highest loss at 0.87 percent. This was followed by Jakarta, Tokyo and Hong Kong at 0.50 percent, 0.41 percent and 0.35 percent, respectively.
Shanghai surged by 1.31 percent, while Seoul and Thailand were up by 0.07 percent and 0.02 percent, respectively.
In Manila, all sectors were in the red territory, except for mining and oil, which rose by 11.51 percent.
Volume turnover reached 1.95 billion amounting to P5.27 billion.
Winners outnumbered losers, 110-94, while 43 issues were unchanged.
WITH A REPORT FROM AFP