Stocks finish the week down

The local stock market declined for the third straight session to end the week in the red on fears that US-China relations seem to be headed south. The Philippine Stock Exchange index (PSEi) dropped 74.26 points, or 0.99 percent, to close at 7,461.06 percent with only the Financials sector managing to inch up. Trading volume also continued to weaken, down to 2.32 billion shares worth 16.29 billion. Decliners topped advancers, 110-80, with 42 issues unchanged. “Philippine shares sank on news that the U.S. is seeking the extradition of Wanzhou Meng, chief financial officer of Huawei Technologies Co... in connection with violating sanctions against Iran,” said Regina Capital Development Corporation Managing Director Luis Limlingan. He noted that, “China promptly reacted with outrage after the news broke…” but, “later, the foreign ministry said it was waiting for details on why she was arrested, and said trade talks should continue.” (JAL)