Share prices turn cautious on rising geopolitical concerns
The benchmark Philippine Stock Exchange index lost 32.56 points,or 0.41 percent, to finish at 7,833.96 while the broader All Shares gauge shed 8.11 points or 0.17 percent to end at 4,696.90. File
MANILA, Philippines - Asian markets including the Philippines turned lower yesterday as earlier gains were quashed by tensions on the Korean peninsula after North Korea fired a missile that landed in Japanese waters, deepening concerns over the isolated nation’s nuclear capabilities.
The benchmark Philippine Stock Exchange index lost 32.56 points,or 0.41 percent, to finish at 7,833.96 while the broader All Shares gauge shed 8.11 points or 0.17 percent to end at 4,696.90.
Most counters ended in negative territory, except for the industrial and services index which managed to closed in positive territory albeit by just a notch.
Total value turnover remained thin at just P4.74 billion even as market breadth was positive, 109 to 94. Forty one issues were left unchanged.
MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.6 percent after rising earlier.
North Korea test-launched an intermediate-range ballistic missile yesterday, South Korean and US officials said, days before leaders from the Group of 20 nations are due to discuss steps to rein in Pyongyang’s weapons programs.
“As concerns surrounding the firing of ballistic missiles brewed midday, we are seeing the slide in the Japanese market spreading across to the rest of Asia,” said Jingyi Pan, market strategist at IG in Singapore. – Reuters, Iris Gonzales
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