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Palace lifts ban on official trips to Canada

MALACAÑANG on Tuesday said it has lifted its ban on “official trips” to Canada.

This decision comes after the shipment of all 69 waste containers back to Canada last week.

“It’s lifted,” Presidential Spokesperson Salvador S. Panelo told BusinessWorld in a phone message when asked regarding the status of the memorandum issued on May 20 by Executive Secretary Salvador C. Medialdea prohibiting government officials from going on official trips to Canada.

Mr. Medialdea issued the memorandum after the Canadian government failed to meet President Rodrigo R. Duterte’s May 15 deadline to ship out its garbage dumped in the Philippines about five years ago.

In his statement on May 26, Mr. Panelo said the memorandum also “directed heads of government agencies to reduce official interaction with representatives of the Canadian government.”

He said the President was “upset about the inordinate delay of Canada in shipping back its containers of garbage.” — Arjay L. Balinbin

PBA: Magnolia Hotshots return to action today

By Michael Angelo S. Murillo
Senior Reporter

FOLLOWING a successful run in the previous Philippine Basketball Association tournament where they finished runner-up, the Magnolia Hotshots Pambansang Manok make their Commissioner’s Cup debut, taking on the Alaska Aces in the scheduled double-header today at the Smart Araneta Coliseum.

Set for 4:30 p.m., the Hotshots, bannered by returning PBA import John Fields in the reinforced tournament, look to get their campaign off to a good start against the Aces (2-2) who have it up and down so far.

Magnolia is back with the core that has led it to back-to-back finals appearances in the last two conferences.

Leading the way is Ian Sangalang, who was the team’s league scoring in the Philippine Cup where they finished runner-up to five-time champions San Miguel Beermen.

Also back are the crack backcourt trio of Paul Lee, Mark Barroca and Jio Jalalon.

Backstopping the Hotshots this time around is 31-year-old Fields, who suited up for Columbian Dyip last season.

In eight games for Columbian as a replacement import, Mr. Fields normed a solid double-double of 29.1 points and 19.1 rebounds while helping the team to a 4-7 record, 2-6 with him in tow.

He is coming off a stint in ASEAN Basketball League with the Singapore Slingers, which finished runner-up.

With the Hotshots, Mr. Fields is expected to shore up Magnolia’s front court as the team tries to make another run for a spot in the finals where it hopes to win a second PBA title in three conferences.

Out to derail Magnolia in its Commissioner’s Cup debut is Alaska, which is still finding consistency in winning after having played four games.

The Aces are coming off a 100-87 victory over the NLEX Road Warriors on May 29.

Alaska banked on a total effort to book the win with Jeron Teng top-scoring with 20 points to go along with 15 rebounds.

Import Chris Daniels had 17 points and 12 rebounds while Chris Banchero also had 17 markers.

JVee Casio, Simon Enciso and Carl Bryan Cruz each had 10 points for the Aces in the win.

BEERMEN ALSO DEBUT
Also making its Commissioner’s Cup debut today is San Miguel, which is to face the Northport Batang Pier (3-1) in the 7 p.m. main game.

As Philippine Cup champions, the Beermen have another shot at the rare PBA Grand Slam.

To help the team in its push, San Miguel has brought back import Charles Rhodes who helped the Beermen to the title two seasons ago.

Apart from leading the Beermen to the title, Mr. Rhodes, 33, was also named best import in said conference for his steady solid play on both ends of the court.

Mr. Rhodes is rejoining the San Miguel crew of June Mar Fajardo, Chris Ross, Alex Cabagnot, Marcio Lassiter and Arwind Santos as well as Christian Standhardinger and Terrence Romeo.

Meeting the Beermen at the door are the Batang Pier, who absorbed their first defeat in the tournament in their last game.

Meanwhile, the Phoenix Pulse Fuel Masters has made an import change after just two games in the ongoing Commissioner’s Cup, dropping the injured Rob Dozier for Richard Howell.

Mr. Dozier is suffering from plantar fasciitis which has hampered mobility, and, hence, his effectivity on the court.

In two games this conference, Mr. Dozier averaged 17 points and 14 rebounds.

Mr. Howell is a former best import awardee who helped TNT reach the finals of the Commissioner’s Cup in 2014.

Halep and Djokovic storm into French quarterfinals

PARIS — Defending champion Simona Halep continued to tighten her grip on the French Open as she demolished Polish teenager Iga Swiatek to reach the quarterfinals on Monday.

The Romanian, who claimed her first Grand Slam title on the Parisian clay a year ago, has taken a while to hit her stride this time and was taken to three sets in the first two rounds.

Since then, however, the 27-year-old has looked in superb form, dropping four games in her last two matches.

“I can’t say I feel bad (for my opponent), because I played my best tennis,” Halep said after a 6-1 6-0 win that set up a quarter-final against American teenager Amanda Anisimova.

Of the top eight women’s seeds, only Halep, number seven Sloane Stephens and eighth seed Ashleigh Barty, who beat Sofia Kenin 6-3 3-6 6-0 on Monday, have reached the quarterfinals.

Australian Barty will face big-serving American Madison Keys who maintained her consistency in Grand Slams with a 6-2 6-4 defeat of Czech Katerina Siniakova.

With Anisimova beating Spain’s Aliona Bolsova, three American women have reached the last eight.

“I can’t describe how excited I am,” Anisimova said of her upcoming clash with Halep. “I couldn’t ask for a better match up. I’m just extremely happy and excited for the next round.”

Serbia’s Novak Djokovic who is also in action during his fourth round match against Germany’s Jan-Lennard Struff. — REUTERS

The men’s draw has been far more predictable.

Top seed and defending champion Novak Djokovic continued his untroubled progress as he beat Germany’s Jan-Lennard Struff 6-3 6-2 6-2 to reach a 10th successive quarterfinal at Roland Garros — the first man to achieve that feat.

The Serbian, on course to hold all four Grand Slam titles simultaneously, has yet to drop a set this year and described the last two sets against Struff as “perfect.”

Things might be about to get tougher for Djokovic, though, with Germany’s Alexander Zverev up next after the fifth seed beat Fabio Fognini in four sets to equal his run in Paris last year.

Six of the top eight men’s seeds have reached the quarters. Eighth seed Juan Martin del Potro lost to 10th seed Karen Khachanov on Monday.

Japan’s Kei Nishikori edged out home favorite Benoit Paire in five sets, having resumed two sets to one ahead after the match was suspended by bad light the previous day.

Paire served for the match in the fifth set but Nishikori scrambled over the line to earn himself the dubious honour of a meeting with defending champion Rafael Nadal who has looked in commanding form so far as he bids for title number 12.

French hopes in the singles were extinguished as Gael Monfils was handed a claycourt lesson in a three-set defeat by last year’s runner-up Dominic Thiem of Austria. — Reuters

Jollibee and PRFU renew partnership for PHL Volcanoes’ campaign

JOLLIBEE continues its partnership with the Philippine Rugby Football Union (PRFU) to support not only the Philippine Volcanoes, but also the PRFU leagues and PRFU Get Into Rugby youth development program.

The Philippine Volcanoes will both see action in the Asia Rugby Championships while also preparing for the 30th Southeast Asian Games.

“Our national men’s and women’s rugby teams will be facing tougher competition. As an advocate of Filipino pride and excellence, we at Jollibee would want to help them prepare for these challenges,” said Arline Adeva, Jollibee Assistant Vice President and Head of Brand Communications, PR and Digital.

“Our thrust is also towards helping develop grassroots programs nationwide, to be able to sustain interest and participation for the sport, especially among the younger generations.”

Thompson questionable for Game 3; Looney out

LOS ANGELES — Golden State Warriors guard Klay Thompson is questionable for Game 3 of the NBA Finals after an MRI exam on his injured left hamstring revealed only a strain, the team announced Monday evening.

In more dire injury news for Golden State, backup center Kevon Looney has a non-displaced collarbone fracture and is out indefinitely.

Both Thompson and Looney were injured during the Warriors’ 109-104 win over the Raptors on Sunday night in Toronto, a resulted that leveled the best-of-seven series at one win apiece.

The Warriors traveled to Oakland, Calif., following Game 2 but didn’t arrive until after 4 a.m. local time, delaying Thompson’s MRI and Looney’s MRI and CT scan until later in the day.

The team initially announced that Looney had a chest contusion, but coach Steve Kerr later said that Looney’s injury was “something with his shoulder.”

Thompson got hurt in the fourth quarter Sunday. He said after the game he expected to play in Game 3 on Wednesday, though he was seen limping around Scotiabank Arena following Golden State’s win.

Kerr said postgame, “Klay said he’ll be fine, but Klay could be half-dead and he would say he would be fine.”

The Warriors continue to await the return of All-NBA forward Kevin Durant, who hasn’t played since sustaining a right calf injury in Game 5 of the Western Conference semifinals on May 8.

CURRY’S NBA FINALS MVP ODDS STRENGTHEN
He wasn’t the highest scorer on his own team in Game 2, but Stephen Curry’s odds to win the Most Valuable Player award in the 2019 NBA Finals strengthened after the Golden State Warriors evened the series 1-1.

Curry entered the Finals as a -125 favorite by Sportsbetting.ag to take home MVP honors. Those odds dipped to +100 after the Toronto Raptors won Game 1.

Curry scored 23 points to Klay Thompson’s 25 on Sunday night, but Curry is now back to a -150 MVP favorite.

Kawhi Leonard, who scored a game-high 34 points in Game 2 and is averaging 28.5 points through two games, is second at +300, followed by the Warriors’ Draymond Green (+450) and Kevin Durant (+1600), who has yet to play a game in the series while recovering from a calf injury.

Pascal Siakam (+1600) is the next lowest odds on the Raptors. Toronto’s Kyle Lowry is at +5000.

FanDuel.com listed Curry at -125 on Monday while PointsBet.com had his MVP odds at -154. — Reuters

Cleanfuel-Motul Racing Team fires opening salvo at Formula V1

THE Cleanfuel-Motul Racing Team dominated the first round of 2019 Formula V1 Challenge in Batangas Racing Circuit.

Out of the 16 cars that raced that day, Japanese driver Ryo Yamada bagged two strong victories in the PRO Class division of the Formula V1 Series, one of the premier motorsports events in the country.

Prior to the two wins, Yamada placed second in time trial qualifying session, trailing less than a second away from Rivera, who had a best lap of 1:50.178. The two were joined in the podium by Ramirez in third with 1:51.252 best lap time.

Yamada proved his worth early in the first race by taking the top podium. Placing second and third were Estefano Rivera and Stefan Ramirez.

Despite the reverse grid position for the first four, Race 2 results remained the same as Yamada pulled off another first place win, while Ramirez snatched the second place from Rivera. However, the third and final race held on the final day went on differently.

Yamada started from fourth place again. After start, Cleanfuel Amateur class driver Dominic Roque overshot and flipped his car, following a red flag.

With Cleanfuel-Motul Racing Team out of Race 3, Rivera finished the race in top spot, followed by Raymond Ronquillo of Frontrow Racing and Finland national Jussi Hoikka of Growl Thule Racing team for second and third spot respectively. Meanwhile, Yamada ended the race with 4th place finish.

Cleanfuel-Motul Racing Team Manager Marco Atienza is happy with the result, saying that they are hoping that the team would continue to enjoy similar victories as the series progresses.

“We hope that this victory is the boost Cleanfuel-Motul Racing Team needs to bag similar wins as we go through the series,” adds Atienza.

Cleanfuel-Motul Racing Team is preparing for the next round of race on July 20 and 21 at the Clark International Speedway in Pampanga.

MLB: Scherzer strikes out 15 in Nationals win

LOS ANGELES — Nationals ace Max Scherzer allowed just one run and three hits with a season-high 15 strikeouts over eight masterful innings as Washington defeated the host Cincinnati Reds 4-1 on Sunday in the rubber match of their three-game series.

Anthony Rendon had three hits and an RBI, Brian Dozier had two hits and drove in two, and Kurt Suzuki had two hits and an RBI as the Nationals, who had nine hits overall, won for the seventh time in their last nine games.

The Nationals also won four out of five on their road trip, which began with two victories in Atlanta.

Scherzer (3-5) amassed his strikeouts in bunches, getting five in a row early in the game and three in a row on two other occasions. He walked only one batter.

ASTROS 6, ATHLETICS 4 (12 INNINGS)
Michael Brantley and Yuli Gurriel stroked RBI singles in the 12th inning, allowing Houston to complete a three-game sweep of host Oakland.

The win was the Astros’ seventh in eight meetings with the A’s this season. Houston had a three-game home sweep earlier this season.

Myles Straw led off the 12th with a single off Lou Trivino (2-3), Oakland’s fifth pitcher, and stole second. With one out, Alex Bregman walked and Brantley gave the Astros the lead with his run-scoring single.

DODGERS 8, PHILLIES 0
David Freese hit a home run in the seventh inning and added an RBI single in a seven-run eighth as Los Angeles broke loose late after an early pitchers’ duel to earn a shutout victory and a three-game sweep over visiting Philadelphia.

Dodgers starter Rich Hill (2-1) gave up three hits over seven scoreless innings with nine strikeouts and three walks.

Phillies starter Nick Pivetta also gave up three hits with nine strikeouts and no walks, doing it over six scoreless innings.

ROCKIES 5, BLUE JAYS 1
Nolan Arenado and Chris Iannetta homered, Antonio Senzatela tossed six strong innings, and Colorado beat Toronto in Denver.

Arenado added a single to extend his hitting streak to 13 games and help Colorado win its eighth in a row. The Rockies finished their homestand 9-1, tying a team record for the best 10-game homestand.

Eric Sogard had two hits and scored the only run for Toronto. The Blue Jays have lost six straight.

WHITE SOX 2, INDIANS 0
Lucas Giolito struck out nine over 7 1/3 innings to win his sixth straight start and Tim Anderson drove in both runs as host Chicago posted a shutout victory over Cleveland.

Anderson homered to lead off the fourth inning and ripped a two-out RBI double in the eighth for the White Sox, who won three of four in the series to complete a 6-1 homestand.

Zach Plesac (0-1) tossed seven strong innings and Francisco Lindor collected three of the six hits for the Indians, who have lost 10 of 14 to fall to one game under .500. Giolito (8-1) scattered five hits and did not walk a batter during his 103-pitch performance.

GIANTS 8, ORIOLES 1
Brandon Crawford homered twice, and Evan Longoria homered and drove in three runs as visiting San Francisco defeated Baltimore.

Crawford hit a pair of solo home runs to help the Giants win for the second time in the three-game series. He went 2-for-4 on the day.

Longoria hit a game-tying solo homer and later added a two-run double that gave the Giants a three-run lead and broke the game open. He finished 3-for-5.

BRAVES 7, TIGERS 4
After Atlanta blew a three-run lead in the top of the inning, Freddie Freeman doubled in the go-ahead run in the bottom of the eighth to lead the Braves to a win over visiting Detroit.

Dansby Swanson, who made the error that opened the door for the Tigers to score three unearned runs and tie the game, started the rally with a one-out walk off reliever Joe Jimenez (2-3).

Freeman then laced his 14th double into right field and Swanson raced all the way from first to score.

CARDINALS 2, CUBS 1
Adam Wainwright threw eight shutout innings and St. Louis completed a three-game sweep of visiting Chicago.

Wainwright (5-5) allowed two hits — none through the first 5 1/3 innings — struck out eight and walked a career-high seven. The 37-year-old right-hander threw 126 pitches, his most since throwing 128 against the Atlanta Braves on Aug. 23, 2013.

St. Louis second baseman Kolten Wong had two hits and an RBI, scored a run and made a spectacular catch to end the eighth inning with a runner in scoring position.

DIAMONDBACKS 7, METS 1
Ketel Marte tied for the longest home run in the majors this season, Merrill Kelly pitched well into the eighth inning and Arizona beat New York in Phoenix.

Marte launched a 482-foot home run on the third pitch of the game from left-hander Steven Matz. That matched the length of a blast earlier this season by the Texas Rangers’ Nomar Mazara.

Marte’s homer ranked as the longest by a Diamondbacks player since Statcast started tracking distances in 2015. It was his 14th of the season, tying the career high he set last season in 153 games.

ANGELS 13, MARINERS 3
Albert Pujols had a double, home run and five RBIs as Los Angeles defeated host Seattle. Pujols’ three-run homer capped a seven-run second inning. His ground-rule double with the bases loaded brought in the final two runs in a five-run fifth.

Luis Rengifo added his first major league homer for the Angels, who took three of four games in the series and have won seven of their past nine games overall.

Kyle Seager hit his first home run of the season for the Mariners, who have lost 11 of their past 13 games. It was Seattle’s fifth loss by 10 or more runs this season. — Reuters

Philam 7s Football League returns with Vitality KAMPEON 7s Cup on July 27-28

WEEKS AFTER the conclusion of the Philam Life 7s Football League Season 3 Manila, the sport will return with the first-ever Philam Vitality KAMPEON 7s Cup slated this coming July 27 and 28 at the McKinley Hill Stadium in Taguig City.

The two-day event will feature all-star line-ups from each of the four 7s Football Leagues around the country, giving fans an opportunity to see the best players from each region. Multiple age bracket youth competitions will also be held.

“We are based in four different areas right now. These are four key cities in the country and being able to establish 7s Football as the main football league in these cities will be huge,” said 7s Football founder and Manila Commissioner Anton Del Rosario.

“And when it comes to that, we want to claim who the best city is in the country. The Kampeon 7s Cup will have all-star selection teams from each of the leagues created from each province to see who’s the best in the country.”

The Manila competition recently finished with Ghana FC dethroning the Super Eagles in the men’s final. Outkast FC dethroned Stallion-Hiraya in the inaugural women’s cup.

The 7s Football League Bacolod leg also finished last May, with Villa Angela FC emerging as the champions after beating Atletico de Bago FC, 3-1.

Finals Most Valuable Player Florence Panongaling, Michael Benedicto and Bon Jovi Amaguiton led Villa Angela throughout the season.

The Davao and Cebu tournaments will be kicking off this June.

Aside from Del Rosario, Azkals players Stephan Schrock (Bacolod) and Misagh Bahadoran (Cebu) have been tapped as league heads to further strengthen the reach and influence of the 7s football sport in each city.

Moving forward, Del Rosario hopes to expand 7s Football by putting up more independent tournaments across the archipelago.

Meralco Youth Rapid chessfest set on June 9

THE FIDE-Rated Meralco Youth Rapid Chess tourney will unfurl on Sunday, June 9 at the Multi-Purpose hall, Meralco compound, Ortigas Avenue, Pasig City.

Fide Master Leonardo Carlos of Meralco Chess Club bared this in a recent interview.

Mr. Carlos said with a registration fee of P300 (early) or P400 (on-site), chessers will have a chance to compete in a Fide-Rated chesssfest that expects participants from varsity players from leading School such as UAAP, NCAA, SCUAA, among others.

Categories entered are the Under 20 and Under 14 divisions in this one-day event, sanctioned by the National Chess Federation of the Philippines.

Cash prizes are also being offered to the winners. — Marlon Bernardino

Fines and more fines

The first two weeks of the Philippine Basketball Association Commissioner’s Cup have been eventful in more ways than one.

This edition of the midseason PBA tournament has had impressive plays both from individuals and teams as well as sprung up some surprises here and there.

Unfortunately, the early goings of the Commissioner’s Cup, too, has its share of head-shaking and lamentable incidences which have resulted to league fines and more fines.

From coaches being ejected for “flagrant misconduct” to players in near free-for-all and run-in with fans to flagrant fouls dished out during the games, there have been aplenty of them.

On Sunday, in the game between the TNT KaTropa and Phoenix Pulse Fuel Masters at the Ynares Center in Antipolo City, such trend continued and, actually, reached a new height I must say.

With just three minutes into the contest, which TNT won, 114-88, four personalities were ejected from the game, namely Anthony and David Semerad for TNT and coach Louie Alas and Jason Perkins for Phoenix, for their involvement in a near scuffle on the court, which involved much shoving and fighting stance.

Moments later, TNT consultant Mark Dickel was thrown out for getting his second technical foul.

Much physical play ensued with some technical fouls and warnings given along the way.

It all came to a head when Phoenix’s Calvin Abueva threw a clothesline on TNT import Terrence Jones late in the fourth quarter resulting to a Flagrant Foul 2 call and automatic ejection for the “Beast.”

Prior it to, the two were involved in a shoving match and Jones seemingly hitting Abueva on the groin which was not called by the referee.

While I like my basketball fare with some “spice” into it like the next guy in the stands, still I cannot help but frown at these things, isolated as they may be at this point.

Not for anything else, all these things could have been easily avoided had all concerned — players, coaches, game and league officials and fans — exercised better judgment with their action and foresight.

One can be competitive but not necessarily going overboard. One can have lapses but they should be kept to a minimum. One can throw their support for their favorite team or player but not being too overzealous to the detriment of proceedings.

Being a long-time fan of the league, and eventually a coveror of it, I just hope the PBA-dom gets to sharpen itself and limit the occurrence of such incidences.

The PBA Commissioner’s Cup is off to an engaging start and it would be a pity if good old basketball has to continue sharing focus with, or worse be overshadowed by, all these fracas and issues.

 

Michael Angelo S. Murillo has been a columnist since 2003. He is a BusinessWorld reporter covering the Sports beat.

msmurillo@bworldonline.com

Walking wounded

As if the Warriors needed more obstacles to come between them and a third consecutive National Basketball Association championship, their return home was greeted by news that slotman Kevon Looney looks to be out for the remainder of the Finals with a fractured collarbone. With Kevin Durant still decommissioned by a right calf strain, DeMarcus Cousins nowhere near to peak form just six weeks removed from a left quadriceps muscle tear, and Andre Iguodala playing through a left leg injury, the last thing they needed was yet another development that portrayed them as walking wounded.

Yet, the Warriors are precisely that as they host the Raptors in Game Three of the Finals tomorrow. Even All-Star guard Klay Thompson, whose team-high-scoring exertions the other day enables them to climb out of yet another double-digit hole en route to a much-needed victory, figures to suit up at far less than a hundred per cent — assuming he’s even cleared to do so. Even as the release of magnetic resonance imaging results were delayed yesterday following their late cross-country flight, the best-case scenario has him braving left hamstring tightness from an awkward landing in the fourth quarter of Game Two.

To contend that Thompson is important to the Warriors’ cause would be to severely understate the obvious. Had he not hit the ground running the other day while Splash Brother Steph Curry suffered from shooting woes, they may well have been buried in a deficit too large for their typical third-quarter run to overcome. Parenthetically, it was no coincidence that they went on a scoring drought the moment he left the court for the locker room midway through the fourth quarter. They were saved by their resiliency — and a timely trey from Iguodala, who was likewise tended to by medical staff shortly before the end of the first half.

With Durant and Looney sidelined, the Warriors are compelled to parade traditional lineups, in and of itself a handicap given their small-ball predilections. And, under the circumstances, their projected starters have seen better days. Only Draymond Green is close to peak form; Cousins, Thompson (on the assumption clearance is given), Iguodala, and Curry are slated to spend significant time with trainer Rick Celebrini tomorrow. Nonetheless, they possess one strength borne of their protracted success in the sport’s grandest stage: an unshakable self-belief.

Indeed, the Warriors are utterly confident in their capacity to overcome any obstacle that comes their way. They’ve been there and done that, and are only too willing to bank on head coach Steve Kerr’s system that both maximizes their assets and promotes collective transcendence. Not for nothing was every single one of their 22 second-half — and 38 of their aggregate 42 — field goals in Game Two assisted. And not for nothing have reserves otherwise riding the pine, among them Quinn Cook and Andrew Bogut, stepped up under pressure.

Needless to say, the Warriors’ advantages are magnified at the Oracle Arena. Which, in a nutshell, is why they’re favored to prevail tomorrow and in Game Four regardless of who gets to burn rubber. The hardware is theirs to lose, and they’re not likely to.

 

Anthony L. Cuaycong has been writing Courtside since BusinessWorld introduced a Sports section in 1994.

PHL shares tumble as Nasdaq corrects on tech

LOCAL STOCKS failed to sustain their climb on Tuesday, reflecting the performance of the Nasdaq index which fell as US technology shares tumbled on antitrust concerns.

The 30-member Philippine Stock Exchange index (PSEi) fell 139.51 points or 1.72% to close at 7,945.37 yesterday. The broader all-shares index was also down by 55.79 points or 1.13% to 4,883.22.

“The tech sell-off in the Nasdaq last night may have influenced the market sentiment in the PSEi today,” Jervin S. de Celis, equity trader at the Timson Securities, Inc., said on Tuesday.

The Nasdaq tumbled 1.6% on Monday, confirming a correction as it was dragged down by Alphabet, Inc., Facebook, Inc. and Amazon.com on fears the companies are the targets of US government antitrust regulators.

While the sell-off in the internet heavyweights was the biggest drag on the Nasdaq, the index has been falling steadily since its May 3 record closing high as investors worried about slowing global growth amid an escalating US-China trade war.

The Nasdaq Composite dropped 120.13 points or 1.61% to 7,333.02, which was 10.2% lower than its May 3 close. Meanwhile, the Dow Jones Industrial Average rose 4.74 points or 0.02% to 24,819.78 and the S&P 500 lost 7.61 points or 0.28% to 2,744.45.

Luis A. Limlingan, head of sales of Regina Capital Development Corp., said in a mobile phone message on Tuesday: “With the tech sector in possible violation of antitrust laws, regional markets entering correction, Philippine shares trading in overbought territory and a holiday approaching, it was only apt for most investors to turn into profit takers today.”

Timson Securities Mr. De Celis said foreigners also resumed their selling after the PSEi’s surge on Monday. Net foreign selling stood at P737.38 million yesterday, a reversal of the net inflows worth P1.43 billion recorded on Monday.

“Investors are also taking profits in index heavyweights ALI (Ayala Land, Inc.) and SMPH (SM Prime Holdings, Inc.) after rallying [on Monday] while the 2.6 million shares block sale made by JPMorgan at P1,238 in PLDT, Inc., which caused the stock to close lower by 8.39% [on Tuesday] has also urged foreign investors to sell around P437 million worth of shares,” Mr. De Celis said.

He said the performance of these three stocks contributed a total of 75.31 points to the 139.51-point decline of the PSEi yesterday.

All sector counters closed in the red, led by property which decreased 119.35 points or 2.67% to close at 4,348.70. Mining and oil went down 166.61 points or 2.23% to 7,280.01; services declined by 24.38 points or 1.44% to 1,662.92; financials dropped 23.36 points or 1.34% to 1,713.35; industrials lost 148.86 points or 1.26% to finish at 11,590.11; and holding firms lost 73.70 points or 0.96% to close at 7,591.10.

Some 599.75 million issues valued at P10.55 billion switched hands on Tuesday, slightly higher than the previous session’s P10.02 billion.

Losers outnumbered advancers, 113 to 84, while 40 names closed unchanged. — VMPG

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