Philippine share prices drop on US-NoKor tension

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Share prices on the Philippine Stock Exchange closed in the red on Friday as geopolitical tensions between North Korea and United States continued to escalate.

The bellwether PSEi declined by 37.82 points or 0.48 percent to 7,928.43 at the closing bell. The broader All Shares fell by 26.75 points or 0.57 percent to 4,681.81.

“As expected the Philippine market suffered the same fate as others regionally, succumbing to the panic as tensions between the US and North Korea persisted,” brokerage firm Regina Capital Development Corp. said in a market commentary.

First Grade Finance Inc. managing director Astro del Castillo also cited the escalating tensions between Washington and Pyongyang.

“Still geopolitical risks amid tensions in North Korea … The market is also consolidating while waiting for more catalysts,” Del Castillo said.

More than 1.999 billion shares valued at P5.504 billion, changed hands. Decliners led advancers, 144 to 54, and 52 issues were unchanged. — VDS, GMA News

from Philippine share prices drop on US-NoKor tension


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