US-China trade worries dampen stocks anew

MANILA, Philippines — The benchmark Philippine Stock Exchange index tumbled again yesterday.

All the other gauges also finished in negative territory.

The PSEi was down by 79.17 points or one percent to close at 7,818.89.

Likewise, the broader All Shares index slipped 46.64 points or 0.98 percent to end at 4,670.76.

Meanwhile all the other gauges tumbled too along with the global equities market.

Traders said global investors have become jittery amid the worsening animosity between the US and China, renewing their doubts that a crucial trade deal between the two superpowers would be sealed anytime soon.

Total value turnover was thin at P5.718 billion and market breadth was negative, 157 to 38 while 41 issues were left unchanged.

“Fears of a delay in the US-China trade deal plunged the local market together with its neighboring peers deeper into the negative territory. the PSEi closed at P7,818.89, down by 79.17 points. Volume and value turnover registered 781 million and P5.7 billion, respectively,” said Philstocks Financials.

AB Capital echoed the same view. It said the PSEI tumbled because of rising global trade uncertainties.

Global markets reflected a lot of market jitters amid enewed doubts that a trade deal can be reached.

Hopes for a trade deal waned after the U.S. House of Representatives passed two bills intended to support protesters in Hong Kong, a move that does not sit well with China.

Thus, foreign selling continued to hound the local market with net-selling at P1 billion.