PH, Asian markets cower as US, China trade tensions persist

The benchmark Philippine Stock Exchange index (PSEi) closed below the 7,000 mark on Monday, as uncertainties over trade tensions between the United States and China weighed on investor sentiments in the region.

The PSEi closed Monday’s session down 1.08 percent more, or 76.32 points, to 6,986.88. Analysts have said that a close below 7,000 could see the PSEi testing the 6,800 support level.

The broader all-shares index also slid lower by 0.82 percent, or 35.65 points, to 4,311.41.

Trading volume was relatively thin on Monday, with some 715.6 million shares valued at P6.12 billion changing hands.

Subsectors were also a mixed bag. Mining and oil, for example, posted an increase of 1.01 percent. Other gainers were industrial, up 0.73 percent, and services, up 0.47 percent.

Losers were led by holding firms, down 2.38 percent, followed by property, down 1.58 percent.

Overall, there were 101 decliners against 80 gainers, while 59 companies closed unchanged.

Property giant Ayala Land Inc. was the most actively traded on Monday. It dropped 3.33 percent to P36.30.

The builder was followed by BDO Unibank Inc., down 0.4 percent to P125; SM Prime Holdings Inc., unchanged at P33.25; SM Investments Corp., down 2.65 percent to P845; and ISM Communications, up 11 percent to P2.62.

Other active companies were Metropolitan Bank & Trust, up 0.41 percent to P73.50; Jollibee Foods Corp., up 0.52 percent to P268.40; Ayala Corp., down 1.18 percent to P876; Pilipinas Shell Petroleum, unchanged at P51; and Metro Pacific Investments Corp., down 0.65 percent to P4.56 per share.