Amid the stock selloff in Asia, there’s one benchmark that bucked the trend as it caught up after two holiday-shortened weeks of trading: the Philippines.
Its main measure jumped as much as 1.1 percent as investors rushed to buy after the back-to-back long weekends. “We’re playing catch up,” said Luis Limlingan, managing director at Manila-based brokerage house Regina Capital Development Corp. The market was closed on Aug. 21, Aug. 28 and Sept. 1.
The only other equity market in the black was the Shanghai Stock Exchange Composite Index, which rose 0.4 percent Monday as a strength in commodity producers outweighed geopolitical tensions.
Asian shares retreated from a four-week high as North Korea’s test of a hydrogen bomb weighed on almost all major markets in the region. The MSCI Asia Pacific Index fell 0.6 percent to 160.25 as of 4:23 p.m. in Hong Kong after gaining 0.4 percent last week.
— With assistance by Cecilia Yap