MANILA– Philippine share prices dropped more than 1 percent during the morning session yesterday as US President Donald Trump’s threat to impose new tariffs on Chinese imports sent jitters across markets.
The benchmark PSEi shed 84.64 points or 1.04 percent to 8,013.52 at the noon recess. The broader All Shares lost 32.78 points or 0.67 percent to 4,871.73.
“Look to a negative start on this trade war escalation, PSEi could move a notch lower as is the case for the rest of the region,” Regina Capital Development Corp. head of sales Luis Limlingan said.
“US stocks decline, DJIA (Dow Jones Industrial Index) -1.1 percent as Trump looks to impose a 10 percent tariff on a further $300 billion in Chinese imports,” Limlingan said.
Trump said on Thursday he would impose a 10 percent tariff on the remaining $300 billion of Chinese imports starting Sept. 1, after negotiators failed to make progress in US-China trade talks, sending shock waves through US markets. (GMA News)
