Trump tweets sink bourse to 3-week low

Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Wed, 31 Jul 2019 16:15:30 +0000

SHARE prices fell to a three-week low on Wednesday as investor sentiment was hurt anew by US President Donald Trump’s latest attack on China.

The benchmark Philippine Stock Exchange index (PSEi) declined by 1.28 percent or 104.66 points to close at 8,045.80, a level last seen on July 10, 2019, when the index settled at 8,078.21. The broader All Shares dropped by 0.93 percent or 46.02 points to finish at 4,890.06.

Regina Capital Development Corp. head of sales Luis Limlingan blamed losses on Trump’s series of tweets attacking China, one of which saying “China is doing very badly, worst in year 27” adding that negotiators din’t come through on agreements.

Trump also said China was choosing to delay an agreement until after the 2020 US presidential elections to see if a Democrat wins the seat.

Trump’s tweets came amid the new leg of trade talks between Washington and Beijing this week.

In the domestic front, Limlingan said investors digested mixed earnings results for the first half.

The local market traded in line with global counterparts. Wall Street’s main indices were all down overnight, while in the region, Tokyo dropped 0.85 percent, Shanghai declined 0.67 percent, Hong Kong fell 1.31 percent, Seoul decreased 0.69 percent, Jakarta dipped 0.02 percent, Bangkok fell 1.24 percent. Only Bangkok finished firmer, up 0.14 percent.

In Manila, only the mining and oil sector was up by 0.03 percent. All others slipped.

More than 2.07 billion issues were traded, valued at P7.45 billion.

Losers led winners, 137 to 68, while 45 issues were kept unchanged.

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