Share prices firmed up on Monday with the Philippine Stock Exchange index (PSEi) closing back in 8,000 territory as investors shrugged off a North Korean nuclear bomb test.
The bellwether index gained nearly one percent or 76.63 points to finish at 8,035.20. The broader All Shares grew by 0.82 percent or 38.72 points to settle at 4,761.99.
“Seems like local investors are immune to the Korean bug biting most markets today. However, most opted to stay on the sidelines as indicated by our low value turnover,” First Grade Finance, Inc. Managing Director Astro del Castillo said.
“The Philippine Stock Exchange index this week will most likely react depending on the results of a string of economic data here and abroad,” he added.
On Monday, South Korea said its northern neighbor was preparing more missile launches after Sunday’s hydrogen bomb test.
IB Gimenez Securities, Inc. research head Joylin Telagen said local investors had ignored increased geopolitical tensions and instead focused on the possibility that there would be no more Fed rate hikes this year.
“Investors are already on momentum to buy back oversold shares after long weekend,” she added.
All sectoral indices settled in the green, led by mining and oil that gained by 1.82 percent.
Volume turnover, however, was thin at only over 887 million shares valued P6.45 billion exchanging hands.
Winners led losers, 115 to 83, while 50 issues were kept unchanged.