Market shrugs off Mindanao martial law
The Philippine Stock Exchange index (PSEi) gained 25.68 points, or 0.32 percent, to close at 7,837.82 amid fears that share prices will suffer after Duterte’s martial law declaration for Mindanao on Tuesday night. File
MANILA, Philippines - Investors shrugged off President Duterte’s declaration of martial law as the stock market advanced to its fourth day winning streak yesterday.
The Philippine Stock Exchange index (PSEi) gained 25.68 points, or 0.32 percent, to close at 7,837.82 amid fears that share prices will suffer after Duterte’s martial law declaration for Mindanao on Tuesday night.
“The sudden declaration of martial law in Mindanao did not spook investors with the index closing in the green with sentiment buoyed by US stocks closing narrowly higher and the S&P 500 logging its first four-day winning streak since mid-February on the back of strength across the financials,” Regina Capital managing director Luis Limlingan said.
“Other investor viewed the Philippines as much safer bet versus China’s downgrade. Moody’s Investors Service has downgraded China’s long-term local currency and foreign currency issuer ratings to A1 from Aa3 and changed the outlook to stable from negative. The downgrade reflects Moody’s expectation that China’s financial strength will erode somewhat over the coming years, with economy-wide debt continuing to rise as potential growth slows,” Limlingan said.
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