Stocks fall for 3rd day on fresh trade war fears
PHILIPPINE shares skidded for the third day on Friday on fears of a renewed trade war between the United States and China, with China markets falling into bear territory.
As of the noon break, the bellwether Philippine Stock Exchange index (PSEi) dropped 1.13 percent or 86.06 points to 7,552.65 while the broader All Shares declined 0.62 percent or 28.71 points to 4,632.95.
Regina Capital Development Corp. head of sales Luis Limlingan said investor sentiment was dampened by the escalating trade tensions between the US and China, continued fears of a financial crisis spilling over to emerging markets, and interest rate hike expectations from both the Federal Reserve and the Bangko Sentral ng Pilipinas (BSP).
“With China now in bear market territory, expect flows to stay low and away ahead of the weekend. The Philippines does not look to be spared,” Limlingan said.
The local market’s decline tracked the losses in the region on Friday.
In Manila, most sectoral indices were in the red as of midday except for industrials and mining and oil, which were up 0.47 percent and 0.58 percent, respectively. ANGELICA BALLESTEROS
The post Stocks fall for 3rd day on fresh trade war fears appeared first on The Manila Times Online.