MANILA – Stock market investors appeared to be “comfortable” with martial law in Mindanao, a fund manager said Thursday, as he expressed support for military offensives against Islamic State-inspired extremists.
The Philippine Stock Exchange has traded between 7,814.17 and 8,002.32 since May 24, the day after President Rodrigo Duterte placed the southern region under martial rule. It closed at 7,888.31 on Thursday, compared to 7,837.82 on May 24.
“The market is not taking it negatively,” First Metro Asset Management president Gus Cosio told ANC’s “Market Edge with Cathy Yang.”
“The economic impact is not that big,” Cosio said, citing Mindanao’s share of economic output.
Cosio said he was “not so concerned” about martial law in Mindanao. “I’m more concerned if this ISIS or Maute thing does not spread to other cities, to other urban areas,” he added.