US-China trade war sends PSEi down anew
Credit to Author: Tyrone Jasper C. Piad| Date: Thu, 14 Nov 2019 16:46:58 +0000
The local bourse ended further away from the 8,000-point level as it continued to trade sideways from the ongoing trade war between the United States and China.
The benchmark Philippine Stock Exchange index (PSEi) slipped by 0.17 percent or 13.76 points to end at 7,933.71 while the wider All Shares dropped 0.13 percent or 6.16 points to close at 4,757.73.
company Bosideng in Nantong in China’s eastern Jiangsu province. China’s economy betrayed further signs of strain on Thursday, with data showing a
sharp slowdown in consumer spending and factory production while investment growth hit a record low as the trade war with the United States takes
its toll. AFP PHOTO
“US-China trade talk worries and the latter’s economic slowdown signals weigh on the local market,” Philstocks Financial Inc. said in a market comment.
US President Donald Trump’s comments on Wednesday that “our trade agreement with China is moving along very rapidly” provided some support, though observers said markets were looking for something more concrete to buy into.
Adding to the unease was a report that China was hesitating over aspects of the deal, which came after Trump dismissed Beijing’s claims last week that they had a plan to roll back some tariffs as the talks progressed.
Meanwhile, a Beijing-based think tank reported recently that China’s growth next year is seen to slow down to 5.8 percent from 6.1 percent previously, amid the impacts of the trade war.
“There is a strong possibility that we see a slight rally tomorrow as blue chips have been severely battered this week and prices are looking more attractive than they have been,” AAA Equities head of research Christopher Mangun said.
Dow Jones and S&P 500 rose by 0.33 percent and 0.07 percent, respectively. Nasdaq, meanwhile, skidded 0.05 percent.
In Asia, Shanghai climbed 0.16 percent and Seoul was up 0.79 percent.
Tokyo plunged 0.76 percent, Hong Kong dropped 0.93 percent, Jakarta slipped 0.90
percent, Singapore dipped 0.30 percent, and Vietnam declined 0.05 percent.
Thailand was flat.
In Manila, all sectors were down, except for financials and property, which rose by 0.06 percent and 0.29 percent, respectively.
Volume turnover stood at 655.29 million shares amounting to P4.18 billion.
Decliners led advancers, 107-78, while 55 issues were unchanged.
WITH A REPORT FROM AFP