MANILA -- Uncertainties on US-China trade talks spooked investors anew, resulting in the negative close of the Philippine Stock Exchange index (PSEi) and weakening of the peso Wednesday.
The main equities index shed 0.81 percent, or 64.87 points, to 7,947.47 points.
The BPI Research attributed the decline to mix signals on the path of US and China’s trade discussions.
This, after US President Donald Trump indicated that they are near in signing a deal but warned of repercussions if an agreement will not materialize.
Almost all the counters in the local equities market ended on the negative, with All Shares down by 0.52 percent, or 24.73 points, to 4,763.89 points.
Industrial posted the highest decline among the sectors after losing 1.05 percent, and was trailed by the Financials, 0.85 percent; Holding Firms, 0.82 percent; Property, 0.41 percent; and Services, 0.34 percent.
Only the Mining and Oil sector ended the day on a positive note after rising by 0.47 percent.
Volume totaled to 1.17 billion shares amounting to PHP4.63 billion.
Losers led gainers at 105 to 73, while 59 shares were unchanged.
The local currency finished the day’s trade at 50.82 from the previous day’s 50.73 close also due to investors’ US-China concerns.
It opened the day at 50.86, weaker than its 50.78 start in the previous day.
It traded between 50.93 and 50.815, resulting in an average of 50.876.
Volume reached USD1.46 billion, lower than the previous session’s USD1.55 billion.
The currency pair is seen to trade between 50.70 and 51.00 on Thursday. (PNA)
