PSEi dips on US-China trade-war worries
For the second straight day, the stock market fell on Friday as concerns over escalating trade tensions between the United States and China triggered new selloffs.
The benchmark Philippine Stock Exchange index (PSEi) declined by 0.73 percent or 56.94 points to close at 7,747.09, while the broader All Shares dropped by 0.57 percent or 27.41 points to finish at 4,781.85.
“We’re following last night’s (Thursday) selloff [on] Wall Street brought by their dismal May [manufacturing growth] 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 explained.
In the United States, the Dow Jones dropped by 1.11 percent, the S&P 500 declined 1.19 percent, and the Nasdaq decreased by 1.58 percent.
In the region, only Tokyo shed 0.16 percent, while Seoul declined 0.69 percent.
Elsewhere, Shanghai inched up 0.02 percent, Hong Kong grew 0.32 percent, Jakarta rose 0.65 percent, Singapore firmed up 0.15 percent, and Bangkok was up 0.14 percent.
In Manila, only the services sector finished in the green, up 0.29 percent.
More than 2.9 billion issues were traded valued at P7.4 billion.
Losers led winners, 125 to 73, while 44 issues were unchanged.
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