Stocks drop after new US tariff threat

Local share prices dropped as expected yesterday after another round of tariff imposition was announced by the US, triggering retaliatory statement from China. The benchmark Philippine Stock Exchange index (PSEi) lost 76.5 points, or 0.95 percent, to close at 7,945.66 with only the Services and Mining and Oil counters managing to post some gains. A total of 2.36 billion shares, valued at R7.58 billion, changed hands. Decliners swamped advancers, 130-80, with 40 issues unchanged.