The Philippine Stock Exchange index (PSEi) plunged as investors sold down shares in panic due to fears of a global trade war as countries are taking retaliatory measures slapped harsh tariff rates by the US.
The Philippine benchmark fell by 261.34 points or 4.3 percent to close at 5,822.85 on Monday, April 7, as Mining stocks led the slide across the board. Volume jumped to 1.36 billion shares worth P13.23 billion as losers swamped gainers 201 to 32, with 33 unchanged.
“Philippine shares were heavily sold as the escalation of the tariffs rattled markets across the globe. Many are now looking as to whether other countries will continue to retaliate in a back and forth increase,”…