Stocks end weaker despite bargain hunting

MANILA, Philippines — Share prices continued to fall yesterday, but at a slower pace, as investors wait on the sidelines amid rising concerns over the possibility of a US-China trade war.

The benchmark Philippine Stock Exchange index (PSEi) dropped 0.13 percent, or 10.98 points, to settle at 7,934.68, while the broader All Shares index closed 0.22 percent, or 11.03 points, lower at 4,817.47.

“Philippine stocks ended slightly negative as the market was partially cushioned by some bargain hunting to offset the Friday night selloff,” Regina Capital Development Corp. Business Development head Luis Limlingan said.

“US stocks ended sharply lower on Friday, led by a selloff in industrials and financials, as investors continued to fret over an escalating China-US trade fight and a much weaker US Job data,” he said.

European stocks also finished lower on Friday, after US President Donald Trump threatened China with additional tariffs, but registered a second straight weekly gain.

Sectoral indices ended in a mix of advances and declines, with the industrial index posting the largest gain at 0.55 percent, or 61.91 points, to close at 11,218.39.

In contrast, the services index registered the largest decline of the day at 1.93 percent or 32.10 points lower to close at 1,628.33.

A total of 100,704 trades valued at P7.65 billion were made, while volume turnover stood at 1.71 billion.