Market Recap
The stock market fell back to the 7,200-levels at the close as escalating trade tensions between the United States and China rattled investor sentiment.
The benchmark PSEi slumped 127.22 points or 1.72% to 7,286.34 at the closing bell. The broader All Shares slid 61.29 points or 1.35% to 4,488.71.
The market drop was attributed to news that US President Donald Trump has decided to levy a 10% tariff rate on Chinese imports beginning September 24, which would eventually increase to 25% on January 1 next year.
This dampened trading sentiment across Asia, and Philippine shares traded lower on this development.
Trump also warned of further taxes to be imposed on some $267-bil worth of Chinese goods should Beijing pursue retaliation plans.
The Philippine market also tracked the decline overnight on Wall Street.
US stocks extended losses ahead of the tariff announcement after Trump asserted his belief that the United States’ trade deficit with China was too big, stating “we can’t do that anymore.”
More than 1.234-bil shares valued at P6.594-bil, changed hands. Market breadth was negative, with decliners beating advancers, 155 to 50, and 35 issues were unchanged.
Gainers: DMC (+3.77%), FGEN (+2.27%), RRHI (+1.86%), LTG (+0.13%), GLO (+0.09%)
Laggards: MBT (-4.21%), BPI (-4.14%), SM (-3.36%), MEG (-3.05%), AP (-2.97%)
