Stocks fall anew, global jitters spook investors

MANILA, Philippines — The stock market declined anew yesterday as global jitters spooked most investors.

The uncertainties from markets abroad were a result of rising tensions between Washington and Beijing, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) eased by 3.10 points, or 0.03 percent, to close at 8,050.82.

On the other hand, the broader All Shares index was also flat, finishing by just a tad higher, 0.34 points or 0.0 percent.

Decliners were led by the property and mining and oil sectors.

Total value turnover, meanwhile, reached P8.214 billion and market breadth was negative, 124 to 86 while 33 issues were unchanged.

Traders said the weakness from the US markets is affecting sentiment, which is why the PSEi continued to follow its moves in the past two days.  Thus, despite a strong start yesterday morning, the PSEi still ended in negative territory yesterday.

The weakness from US markets may have added to the negative sentiment throughout the day, traders said.

Wall Street tumbled on Monday night amid concerns on the still to be resolved trade war and slowing Chinese economy.

The Dow Jones Industrial Average declined by 0.84 percent to end at 24,528.22 points as did the S&P 500, which lost 0.78 percent to 2,643.85.