Shares track Wall Street gains as North Korea concerns loom


Posted at Apr 18 2017 10:13 AM


MANILA – Share prices opened higher on Tuesday, tracking gains on Wall Street, even as concerns over North Korea loomed.

The Philippine Stock Exchange Index was up 0.18 percent to 7,602.25 in early trading. The peso opened at P49.55 against the dollar from P49.54 on Monday.

US stocks rose after three straight sessions of losses as investors shifted their focus to corporate earnings and the greenback steadied after Treasury Secretary Steven Mnuchin said dollar strength is good over long periods of time.

North Korea had a failed missile test launch over the weekend, adding to regional tensions that have escalated in recent weeks as US President Donald Trump has taken a tough rhetorical line with Pyongyang.

Investors are worried that North Korea could be “next in line,” after Trump launched attacks in Syria and Afghanistan, Fund Managers Association of the Philippines president Smith Chua said.

“His track record has been set in terms of being able to move fast on the military side,” Chua told ANC’s “Market Edge with Cathy Yang.”