PH shares dip on doubts over US-China deal

The benchmark Philippine Stock Exchange index slid lower on Wednesday with sentiments weighed down by doubts over a trade deal between the United States and China.

The PSEi declined 0.18 percent, or 14.08 points, to 7,898.06 while the broader all-shares index sank 0.26 percent, or 12.32 points, to 4,717.40.

Investors took their cue from regional bourses, which weakened as US president Donald Trump threatened more tariffs on Chinese goods.

The mining and oil subindex dropped the most as it lost 1.4 percent. Other losers were industrial, down 0.47 percent; financials, down 0.31 percent; and holding firms, down 0.24 percent. Property and services went up 0.4 percent and 0.003 percent, respectively.

Data from the PSE showed 1.7 billion shares valued at P4.1 billion changing hands on Wednesday. There were 72 gainers against 106 losers while 52 companies closed unchanged.

Property giant Ayala Land Inc. was the most actively traded on Wednesday as it gained 1.56 percent to P45.70 a share.

It was followed by  DMCI Holdings, down 8.4 percent to P6.98; Ayala Corp., down 0.36 percent to P824; Semirara Mining and Power Corp., down 6.62 percent to P21.85; and AllHome Corp., up 0.52 percent to P11.66 per share.