Philippine share prices fell by over 1.6 percent on Wednesday, dragged by renewed concerns over China and the United States.
The local stock barometer dropped 128.85 points or 1.65 percent to 7,664.40 at the closing bell, while the broader All Shares index lost 66.67 points or 1.45 percent to 4,539.30.
Diversified Securities Inc. equity trader Aniceto Pangan attributed Wednesday’s drop to concerns over trade deals between the world’s biggest economies.
“With majority of the regional markets down, local market corrected after Trump said that US tariffs will be maintained until after the US presidential election as global market will continue to slow down,” he said in a text message.
The Phase 1 deal between the two economies, according to Reuters, canceled planned US tariffs on Chinese-made mobile phones, toys, and laptop computers. (GMA News)
