Stocks fall on growth woes

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    Share prices ended lower amid concerns of a slower economic growth in the Asia-Pacific region.

    The Philippine Stock Exchange index was down 128.85 points or by 1.65 percent to 7,664.40.

    The broader all shares index was down 66.67 points or by 1.45 percent to 4,539.30.
    Losers edged gainers 118 to 76 with 35 stocks unchanged.

    Trading turnover reached P7.04 billion.

    The peso closed at 50.715 to the dollar, up from 50.581 on Tuesday.

    The currency opened at 50.68, hit a high of 50.63 and a low of 50.755. Trading turnover reached $1.25 billion.

    “Shares slid as Moody’s released a negative sovereign credit outlook on Asia-Pacific and as noise surfaced late yesterday that tariff will stay till the US Election,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    Limlingan cited reports that China has pledged to buy almost $80 billion of additional manufactured goods from the US over the next two years as part of a trade war truce.

    “Both sides expected to sign phase one today with details only known after the meeting,” he said.

    Limlingan, however, said the market is expecting China to buy up to $100 billion of agricultural/ Oil products and other services within the next two years from the US.

    “Existing tariffs on Chinese goods coming into the US are likely to stay in place until after the American presidential election. The two sides have an understanding that a review will take place no sooner than 10 months after the signing, at which point levies on $360 billion of Chinese imports will potentially be trimmed, people familiar said. US is also drafting rules to block more sales to Huawei,” he said.

    Most actively traded SM Prime Holdings Inc. was down P0.35 to P40.70. BDO Unibank Inc. was down P1.50 to P153.20. PLDT Inc. was down P30 to P1,082. Ayala Cor. was down P4.50 to P790. JG Summit Holdings Inc. was down P3 to P73.50. Bank of the Philippine Islands was down 3.10 to P83.70. Ayala Land Inc. was down P0.70 to P43.20. International Container Terminal Services Inc. was down P3.50 to P131.50. Metropolitan Bank and Trust Co. was down P0.80 to P65.

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