Stocks down after cancelled Obama-Duterte meet


PHILIPPINE stocks fell as investor sentiment turned negative following the cancellation of a planned meeting between US and Philippine leaders at the Asean Summit in Laos.

The Philippine Stock Exchange index went down by 1.23 percent or 94.93 points to 7,624.25 at the midday break. As of 2:56 PM, the index had further declined by 1.37 percent or 105.45 points to 7,613.73.

To investors, the cancelled meeting represented a lost opportunity to strengthen relations between the two countries, analysts said.

RCBC Securities Research analyst Anton Alfonso said the market was disappointed over the cancelled meeting.

The meeting was called off after President Rodrigo Duterte threatened to curse US President Barack Obama if the latter were to bring up the issues on human rights and extrajudicial killings at the forum. The Obama camp had verified if the reports were true and then later decided to cancel the meeting. KRISTYN NIKA M. LAZO



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