PSEi dips 1.99% on US-China trade tension

Philippine shares were pulled down by risk-off sentiments on Friday arising from renewed US-China trade tensions in the middle of a global pandemic.

The benchmark PSEi shed 112.75 points or 1.99% to 5,541.95 at the closing bell. The broader All Shares lost 52.04 points or 1.53% to 3,356.61.

“The Sino-US trade tension drove down the Philippine market today, and even continued improving oil prices did not help to neutralize the market movement,” Regina Capital head of sales Luis Limlingan said.

“President [Donald] Trump said he would not renegotiate the phase 1 trade deal with China and do not want to speak to President Xi 'right now',” Limlingan said.

Foreign funds outflow also added to the selling pressure with a net selling position of P654.561 million.

More than 660.425 million shares valued at P4.528 billion, changed hands. Decliners led advancers, 103 to 70, and 46 issues were unchanged.—AOL, GMA News