August 17, 2019
The stock market dropped for the second straight day on Friday following a development in the ongoing trade war between the United States and China.
The bellwether Philippine Stock Exchange index (PSEi) shed 0.42 percent or 32.88 points to finish at 7,795.98, while the wider All Shares dropped by 0.11 percent or 5.21 points to end at 4,741.14.
Regina Capital Development Corp. head of Sales Luis Limlingan said “several headlines [in China] across the day sent the market swinging.”
A Chinese official said it hoped to “meet the US halfway” on trade, comments that were viewed by some investors as conciliatory, even as other observers said the statement was not new.
China also recently flagged the US’ proposal to levy new tariffs on $300 billion in goods, saying such was a violation of both countries’ consensus last year. It said countermeasures would be implemented in relation to this.
Beginning over a year ago, trade tensions between Washington and Beijing arose when US President Trump publicly accused China of engaging in unfair trade practices. This prompted both countries to impose tit-for-tat tariffs worth billions of dollars on each other’s goods.
Meanwhile, Papa Securities sales associate Gabriel Jose Perez said the local stock market would be taking “cues from US markets next week on a lack of clear and major catalysts.”
Dow Jones and S&P 500 recovered, surging by 0.39 percent and 0.25 percent respectively. Nasdaq, meanwhile, dipped by 0.09 percent.
Asian markets ended mixed again. Tokyo, Shanghai, Hong Kong and Thailand were up by 0.06 percent, 0.28 percent, 1.04 percent and 1.02 percent respectively.
Seoul dropped by 0.58 percent, while Singapore slid by 0.46 percent.
In Manila, all sectors were down, expect for holding firms and property which rose by 0.26 percent and 0.22 percent respectively.
Volume turnover stood at 692.53 million, valued at P8.70 billion.
Winners led losers, 127-73, while 47 issues were unchanged.
WITH A REPORT FROM AFP
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