Stocks dive further on US-North Korea tension
The benchmark Philippine Stock Exchange declined 0.47 percent, or 37.82 points, to finish at 7,928.43, while the wider All Shares Index closed 0.57 percent, or 26.75 points, lower to 4,681.81. File
MANILA, Philippines - Share prices continued to fall yesterday as intensifying tensions between the United States and North Korea dampen buying sentiment, analysts said yesterday.
The benchmark Philippine Stock Exchange declined 0.47 percent, or 37.82 points, to finish at 7,928.43, while the wider All Shares Index closed 0.57 percent, or 26.75 points, lower to 4,681.81.
“As expected Philippine market suffered the same fate as everyone in the region succumbed to the panic as tensions between the US and North Korea persisted after President Trump doubled down its rhetoric against North Korea,” Regina Capital Development Corp. Business Development head Luis Limlingan said.
RCBC Securities Inc. equity research analyst Jeffrey Lucero said despite the decline in share prices, the Philippine stock market is still resilient as it registered lesser declines compared to Wall Street and regional markets yesterday.
“Bargain hunting in recent days battered stocks such as Universal Robina provided support to the PSEI,” Lucero said.
Moving forward, Lucero said earnings results would continue to move the market in next weeks’s trading, however, further geopolitical concerns would dampen buying sentiment in the market.
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