PSEi suffers heavy losses Monday on trade war panic

Philippine stocks prices plunged immediately after the opening of the trading week on fears of a global trade war and possible recession.

As of 10:18 this morning, the PSEi has lost 235.13 points, or 3.87 percent, at 5,849.06, with the mining and oil sector leading losses across the board.

"US equities fell on Friday after China imposed new tariffs on US goods, intensifying concerns that President Donald Trump's trade policies may escalate into a global trade war and potentially trigger a recession," said Regina Capital Development Corp. Managing Director Luis Limlingan.

He noted that, "China's announcement of a 34-percent tariff on all US goods rattled markets Friday, dashing hopes for diplomacy and prompting a flight to safe-haven bonds, sending the treasury yields lower."

Gold dropped on Friday as investors sold bullion to offset losses from a broader market sell-off amid rising recession fears.