Stock investors stay on sidelines
The benchmark Philippine Stock Exchange index declined 19.58 points, or 0.25 percent, to finish at 7,966.25 while the broader All Shares gauge shed 14.57 points, or 0.30 percent, to close at 4,708.56. File
MANILA, Philippines - Risk averse investors continued to stay away from the market yesterday on lingering concerns over tensions between North Korea and the United States.
The benchmark Philippine Stock Exchange index (PSEi) declined 19.58 points, or 0.25 percent, to finish at 7,966.25 while the broader All Shares gauge shed 14.57 points, or 0.30 percent, to close at 4,708.56.
The sectoral indexes were mixed with the industrial, holding firms and mining and oil sectors closing in negative territory while the services, financials and property stayed afloat.
Total value turnover reached P5.17 billion. Market breadth was negative with 111 declines against 84 gainers while 52 issues were left unchanged.
Astro del Castillo, managing director of First Grade Finance Inc. said “tensions triggered by North Korea continues to force most investors to the shelters. Most players opt to head for the exits until tension eases.”
He added the earnings report of Universal Robina Corp. and JG Summit of the Gokongwei group disappointed investors.
“Expect market to consolidate within the 7900 level for now given the geopolitical risks,” he said.
US President Donald Trump warned North Korea it would be met with “fire and fury” if it threatens the United States. It also warned of diplomatic actions including sanctions.
North Korea said it was ready to give Washington a “severe lesson” with its strategic nuclear force in response to any US military action.
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