US selloff drags down share prices
MANILA, Philippines - Share prices plunged yesterday as investors tracked an overnight selloff in Wall Street, driven by concerns on the implementation of US President Donald Trump’s policies.
The benchmark Philippine Stock Exchange index (PSEi) retreated 68.38 points, or 0.93 percent, to finish at 7,254.93 while the broader All Shares gauge declined 36.34 points, or 0.82 percent, to end at 4,369.03.
The closely-watched Dow Jones Industrial index nosedived 237.85 points or 1.14 percent to close at 20,668.01.
At the local market, total value turnover reached P7.73 billion. Not surprisingly, market breadth was negative as decliners outnumbered advancing stocks, 127 as against 57 while 52 stocks were left unchanged.
Traders pointed to concerns over Trump’s policies. While Wall Street has risen dramatically since the election of Trump, the trend reversed on Tuesday morning, affecting global stock markets including the Philippines.
Global banks including JP Morgan Chase, Goldman Sachs, Morgan Stanley likewise declined in market capitalization.
This as expectations over the Trump’s administration’s pro-growth policies are waning as investors now think the corporate tax cuts may take longer than expected.
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