• Stocks, peso down as NKorea fires ballistic missile over Japan

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    The peso shed three centavos and the stock market fell back to the 7,900 level on Tuesday following North Korea’s firing of a ballistic missile over Japan.

    The peso closed the day at P51.11 versus the US dollar from P51.08 on Friday, with analysts noting that investors were opting for safe haven currencies.

    It hit an intraday low of P51.23 against the greenback.

    The benchmark Philippine Stock Exchange index (PSEi), meanwhile, lost 0.83 percent or 66.75 points to close at 7,948.39. The broader All shares declined 0.60 percent or 28.38 points to settle at 4,720.68.

    “[The market reacted] mostly on Korea. Also, there is a short trading week,” Eagle Equities, Inc. President Joseph Roxas noted.

    Summit Securities, Inc. President Harry Liu echoed this, saying: “The market started to soften up. It’s possible that’s (the ballistic missile test) one of the things that shook the market.”

    North Korea fired the missile – the fourth launch in four days –just before six in morning. It was reportedly the first time that Pyongyang had successfully fired a ballistic missile over Japanese territory.

    In Manila, all sectoral indices fell except mining and oil, which gained 0.47 percent. Services posted the biggest decline at –1.5 percent.

    Over 1.3 billion issues valued at P6.8 billion changed hands.

    Losers led winners, 103 to 84, while 51 issues were unchanged.

    Philippine financial markets will only be open for three days this week, having been closed on Monday for National Heroes Day. Friday, meanwhile, was declared a regular holiday on Tuesday to allow Muslims to observe the Eid’l Adha festival.

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