Tariff, POGO concerns weigh down stocks

MANILA, Philippines — The Philippine stock market opened the week on a sour note, tumbling 61.13 points, or 0.76 percent, to close at 7,918.53 while the broader All Shares index dipped 11.89 points, or 0.24 percent, to end at 4,797.59.

Most indexes were down except for the mining and oil gauge.

Total value turnover reached P5.3 billion. Market breadth was positive, 110 to 94 while 43 issues were left unchanged.

Eastern Securities said the trade war between the US and China continues to affect the market and that the uncertainty surrounding the Philippine offshore gaming market is still affecting the outlook on the property sector.

China wants the Philippine government to crackdown on online gaming in the country, going as far as to call for a ban.

However, Malacañang officials have said that China cannot force the government to impose a ban on offshore gaming.

“POGO still affecting properties,” said Eastern Securities.

US and China have decided to push through with their latest tariff increases despite earlier hinting that a deal may avert another round of tariff hikes.

According to MarketWatch, US tariffs on $112 billion of Chinese goods were raised to 15 percent from 10 percent  and China responded by raising tariffs on some US goods. Additional hikes are scheduled to take effect Oct. 1 and Dec. 15.