Index climbs back above 8,000 mark

MANILA, Philippines — Investors returned to the local equities market yesterday  as they sought safer havens amid continuing global tension brought about by North Korea’s missile launches.

The benchmark Philippine Stock Exchange index (PSEi) gained 76.63 points or 0.96 percent to close past the 8,000 mark anew, at 8,035.20.

Similarly, the broader All Shares index rose 38.72 points or 0.82 percent to finish at 4,761.99.

All sectoral indices likewise closed in the green, buoyed by the prevailing positive mood in the local stock market.

Among the different counters, the Mining and Oil index posted the biggest gains, rising 1.82 percent or 241.49 points to end at 13,495.43 following a meeting yesterday of the Chamber of Mines of the Philippines.

The group announced yesterday  it would create an oversight body to investigate and act on complaints against its members, a move some of its members had long been suggesting.

NickelAsia president and CEO Gerard Brimo, the new chairman of the chamber’s board of trustees, said yesterday the group had taken to heart President Duterte’s call for the industry to preserve the environment.

Some of the chamber’s members have earlier called for self-regulation.

Meanwhile, total value turnover reached P6.45 billion as gainers outnumbered decliners, 115 to 83, while 50 issues were left unchanged.