MANILA – Gaming shares fell on Friday after a gunman attacked Resorts World casino in front of the capital’s main airport.

Resorts World operator Travellers International Hotel Group was down 8.82 percent to P3.10.

"This cowardly act of a deranged mind will not defeat the spirit on which Resorts World Manila was built. With your prayers, we will overcome this tragedy," Travellers told the stock exchange.

City of Dreams Operator Melco Resorts and Entertainment was down 3.27 percent to P9.77 while Solaire operator Bloomberry resorts was down 1.02 percent to P9.75.

The Philippine Stock Exchange Index was up 0.28 percent to 7,949.89. The peso opened at P49.77 from P49.75 on Thursday.

Analysts said investors were relieved that there was no immediate terrorism link to the Friday assault. The attack came as troops battled ISIS-inspired militants in Marawi City and with the entire Mindanao under martial law.

“In the near term, it will obviously be down,” said Abacus Capital and Investment Corp director Manny Ocampo, referring to gaming stocks.

While the incident could affect casino hotel bookings, the gaming industry remains robust, Ocampo said.

The slightly weak open was a knee-jerk reaction, BDO Unibank chief investment strategist Jonathan Ravelas said.

The local unit could trade between P49.60 to P49.90 due to foreign fund inflows in the equities market, he said.