The main index fell Friday, March 23, along with regional counterparts as economic fears are stoked by the United States’ and China’s aggravating trade war.

The local bellwether Philippine Stock Exchange index slid 1.89% or 153.65 points to 7,970.80 points. The broader all-shares index shed 1.35% or 66.01 points to 4,824.16 points.

All counters finished red. Holding firms were hit the hardest, plunging 2.04% or 165.15 points to 7,923.41 points; property slumped 2.02% or 74.71 points to 3,629.06 points; financials decreased 1.89% or 39.46 points to 2,053.15 points; services dropped 1.38% or 23.52 points to 1,679.98 points; and mining and oil fell 1.03% or 112.59 points to 10,827.03 points.

“Trade war fear brought down the value of Philippine shares,” Regina Capital Development, Corp. Managing Director Luis A. Limlingan said in a mobile message.

“All major regional indexes dropped broadly and volatility spiked as the Trump administration’s plans to announce new trade restraints against China renewed fears about a potential trade war that could dent economic growth,” he added.

After President Donald J. Trump unveiled on Thursday extensive new trade restrictions that would effectively block $50 billion in Chinese imports from entering the United States. China cited it will “fight to the end” in any trade war over US tariffs, with measures against $3 billion worth of US Steel, aluminum, pork and wine import. — Janina C. Lim

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