Stock market down anew on trade war fears

SHARE prices fell for anew on Monday as investors remained cautious over prospects of a global trade war.

The benchmark Philippine Stock Exchange index (PSEi) lost 0.86 percent or 72.40 points to close at 8,386.17. The broader All Shares dipped 0.42 percent or 21.45 points to end at 5,043.89.

“The local index fell as negative investor sentiment continued to weaken from a threat of a trade war instigated by the US’ steel tariffs,” Papa Securities Corp. deputy research head Arabelle Maghirang said.

US President Donald Trump last week announced that his administration would be imposing tariffs on steel and aluminum imports, sparking heavy sell- offs worldwide.

Maghirang said further domestic declines could be spurred by today’s release of February inflation figures.

“A reading above the Bangko Sentral ng Pilipinas’ full-year target of 4.3 percent could spark another sell- off ... with increased possibility of a rate hike soon,” Maghirang said.

Only the mining and oil and property indexes managed gains on Monday, rising by 0.18 percent and 0.61 percent, respectively.

More than 7.8 billion issues valued at P6.1 billion changed hands.

Winners led losers, 117 to 100, while 41 issues were unchanged.