Stock Market Plunges Below 8,000 After Trump Renewed Tariff Threat Against China
President Donald Trump renewed its tariff threat against China causing the stock market to tumble down below the 8,000 mark – breaking its streak since Oct 31. The Philippine Stock Exchange index settled at 7,947.47, a 0.81 percent or 64.87-point plunge.
Results of the broader All Shares index were not different either, as it likewise lost 24.73 points or 0.51 percent to close at 4,763.89.
“Market drifted lower while Trump made fresh comments on trade deal hinting that existing tariffs will be raised if no deal is made. Headline noise continued with President Trump claiming that Beijing is ‘dying to make a deal’ and threatened to ‘substantially raise those tariffs’ if it doesn’t happen,” Regina Capital’s Luis Limlingan said.
Most markets in the region were also in the red following Trump’s remarks. In the local stock market, all counters finished in the negative territory except for mining and oil which managed to pull off a 0.46 percent or 41.35-point increase.
Industrial suffered the biggest blow, shedding 1.05 percent or 109.42 points.
Value turnover was thin at P4.63 billion. Market breadth was negative as decliners crushed advancers, 105 to 73, while 59 stocks were unchanged.