PSEi retreats 0.14% on renewed US-China trade war worries

Philippine shares retreated on Thursday as investor sentiment was weighed by renewed concerns on the escalating trade tensions between US and China.

The bellwether PSEi lost 11.04 points or 0.14% to 7,804.03 at the closing bell. The broader All Shares shed 12.59 points or 0.26% to 4,809.26.

Regina Capital Development Corp. head of sales Luis Limlingan said investors stayed on the sidelines and took profits following successive positive session as "trade friction mounts once more."

Media reports said the Trump administration was considering sanctions on Chinese video surveillance firm Hikvision, according to a Reuters report. 

Fears that tit-for-tat tariffs and other retaliatory actions by the United States and China will hamper global growth have kept investors on edge.

Foreign funds bought P4.712 billion and sold P4.889 billion, for a net selling position of P177.409 million.

More than 3.449 billion shares valued at P7.204 billion, changed hands. Decliners led advancers, 110 to 87, and 53 issues were unchanged. — RSJ, GMA News