Philippine shares took a hit from reports that the United States ordered China to close its Houston consulate, sparking concerns of souring relations between two of the world’s largest economies.
The benchmark PSEi shed 35.25 points or 0.58% to 6,029.01 at the closing bell. The broader All Shares lost 29.07 points or 0.81% to 3,540.02.
“Local shares closed lower once again after news on the closure of the Chinese consulate in Houston, which fueled worries about US-China relations,” Regina Capital head of sales Luis Limlingan said.
The United States has told China to close its consulate in Houston, both countries said, further deteriorating bilateral ties, and a source said Beijing was considering shutting the US consulate in Wuhan in retaliation, according to a report by Reuters.
“However, some last minute bargain hunting pushed the market above 6,000 due to optimism over the likelihood for a new spending bill and potential coronavirus vaccines at the end of the session,” Limlingan said.
More than 1.605 billion shares valued at P4.265 billion, chnged hands. Decliners led advancers, 150 to 50, and 36 issues were unchanged. —LDF, GMA News
Source: TED CORDERO, GMA News
Source: Peso Economics
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