PH stocks gauge, peso weaken further amid Ukraine-Russia worry

By Joann Villanueva

March 4, 2022, 8:44 pm

MANILA – Worries about the Ukraine-Russia conflict continued to hit both the local bourse and the currency on Friday.

The Philippine Stock Exchange index (PSEi) shed further by 0.62 percent, or 46.08 points, to 7,342.01 points.

All Shares followed with a drop of 0.58 percent, or 22.9 points, to 3,895.52 points.

Most of the sectoral gauges also ended the week on the red namely Holding Firms, 1.25 percent; Industrial, 1.03 percent; Services, 0.50 percent; and Financials, 0.18 percent.

On the other hand, Mining and Oil rose by 0.40 percent and Property by 0.11 percent.

Volume reached 1.33 billion shares amounting to PHP5.22 billion.

Decliners led advancers at 102 to 89 while 44 shares were unchanged.

“Philippine shares closed in the red despite the declining volatility in energy and bond markets. Investors continue to monitor the war in Ukraine, all the while worrying about the Fed’s bid to hike rates this March,” Luis Limlingan, Regina Capital Development Corporation head of sales, said.

The impact of developments overseas was countered by the better-than-expected domestic inflation rate last February, he said.

Rate of price increases in the second month this year is flat at 3 percent, the Philippine Statistics Authority reported on Friday.

The inflation report, Limlingan said, “was able to tame some of the selling (in the local bourse).”

Relatively, the peso depreciated against the greenback after it closed the week at 51.74 from 51.5 finish on Thursday.

It opened the day at 51.65 and traded between 51.75 and 51.6. Average level for the day stood at 51.696.

Volume reached USD793.22 million, higher than the USD789.38 million. (PNA)