Stocks snap 5-day win streak ahead of G20, US-China meet

MANILA, Philippines — The stock market snapped its winning streak yesterday as investors chose to wait for the outcome of the Group of 20 meeting in Japan.

The benchmark Philippine Stock Exchange index (PSEi) tumbled 26.49 points, or 0.32 percent, to finish at 8,034.09.

Likewise, the broader All Shares gauge was down 13.54 points or 0.27 percent to finish at 4,909.00.

The indexes were a mixed bag too with the mining and oil, industrial, services and holding firms gauges ending positive territory. Only the property and financials were down.

The local bourse fell by 26.49 points to 8,034.09 as investors wait on the Trump - Xi meeting at the G20 Summit. Washington -Tehran tensions also weighed on yesterday’s session, Philstocks Financials said.

World leaders are expected to attend the G20 Osaka summit, which will be the 14th meeting of Group of 20. It will be held on June 28 to 29, 2019 at the International Exhibition Center in Osaka.

However, all eyes will be looking at the side meetings of President Trump and President Xi to possibly look for a better agreement on US-China tariffs and avert a trade war.

The US-Iran tensions are also adding to the uncertainties, traders said.

The dollar index sliding and Iran sanctions led investors to consolidate ahead of the window dressing this week. Donald Trump imposed additional sanctions on Iran including against Ayatollah Ali Khamenei in retaliation for last week’s downing of a US drone, said Luis Limlingan of Regina Capital.