PSEi back at 8,000 as missile fears ease

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The stock market climbed back to 8,000 territory on Tuesday following reports that North Korea was holding off from firing missiles at Guam.

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The bellwether Philippine Stock Exchange index (PSEi) rose 0.59 percent on Tuesday, adding 47.29 points to settle at 8,009.41. The wider All Shares grew 0.50 percent or 23.69 points to finish at 4,729.73.

“Reports of less jitters between [North Korea] and the US encouraged investors to return to the market. However, [it]seems like given the low value turnover, many are treating this peace as temporary,” First Grade Finance, Inc. Managing Director Astro del Castillo said.

North Korean state media reported that supreme leader Kim Jong-Un had reviewed plans for firing at Guam but would wait to see what Washington would do next.

“PSEi’s direction will remain focused on the geopolitical tensions and results of our [economic growth]within the week as well as the flow of corporate results,” del Castillo said.

Second quarter gross domestic product growth data is scheduled to be released this Thursday. Results for the agriculture sector were released on Tuesday, with the Philippine Statistics Authority reported a 6.18 expansion as crop production benefited from good weather.

At the stock market, the mining and oil sector was the sole decliner, losing 0.08 percent.

Market volume remained thin at more than 900 million shares valued at P4.7 billion changing hands.

Gainers led losers by 121 to 84 with 44 issues unchanged.

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