Stocks extend losses on renewed trade war worries

MANILA, Philippines — The stock market tumbled yesterday amid renewed concerns about the ongoing US-China trade negotiations, analysts said.

The benchmark Philippine Stock Exchange index (PSEi) closed at 7,871.11, down 40.21 points or 0.50 percent. Likewise, the broader All Shares index lost 10.61 points, or 0.22 percent, to finish at 4,772.35.

“Local stocks extended their losses yesterday amid renewed worries on the US-China trade negotiations,” Philstocks Financials said.

Most sectors were in the red, except for the holding firms and services sectors.

Total value turnover reached P10.166 billion. Market breadth was negative, 94 to 91 while 62 issues were unchanged.

Meanwhile, Integrated coconut product manufacturer and exporter Axelum Resources Corp., the IPO-bound company, has set the offer price for its initial public offering at P5 per share.

The offer period will run from Sept. 24 until Sept. 30, with the target listing date on Oct. 7.

The company plans to sell 700 million primary shares and 100 million secondary shares for a stock market debut of P4 billion.

Jason Rosenblatt of the selling shareholder CP Compass Singapore said, “we decided to sell only 100 million shares instead of the initially planned 430 million shares after the final price was set as we believe Axelum is worth more than the set price of P5 per share.”

Axelum’s market capitalization is estimated to reach P20 billion upon listing.