PSEi continues decline as US-China trade dispute intensifies

Share prices on the Philippine Stock Exchange continued its downtrend on Friday as the escalating trade war between the US and China spook investors.

The bellwether PSEi shed 56.94 points or 0.73% to 7,747.09 at the closing bell. The broader All Shares lost 27.41 points or 0.57% to 4,781.85.

"This as the US-China trade tension intensifies, by Washington's plan to add more to the list of Chinese companies banned in the US aside from Huawei. This trickled down to the global market, most especially to the three major US indices," Philstocks Financial research analyst Piper Chaucer Tan said.

"This trade war may affect global economies, including the Philippine since US and China are our major trading partners and accounts for almost 20% of our imports and exports," Tan said.

Foreign funds bought P3.885 billion shares and sold P4.591 billion, for a net selling position of P736.081 million.

More than 2.907 billion shares valued at P7.420 billion, changed hands. Decliners led advancers, 125 to 73, and 44 issues were unchanged. — RSJ, GMA News