Stocks fall as Russia attacks Ukraine

Published February 24, 2022, 4:34 PM

by James A. Loyola

Local share prices fell again after Russia takes more aggressive steps in Ukraine while western powers remain on the sidelines.

The main index plunged 151.98 points or 2.06 percent to close at 7,212.23 led by losses in the Industrial and Property sectors although Mining and Oil managed to buck the trend. Volume rose to 2.82 billion shares worth P9.94 billion as losers swamped gainers 168 to 43 with 34 unchanged.

Philippine Stock Exchange index (PSEi)

“Philippine shares slipped ahead of the long holiday as reports of cyberattacks on several Ukrainian state websites added to fears about escalating tensions with Russia,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “The possibility of the Fed raising interest rates as early as Mar amid the record-high inflation is also a source of concern for investors.“

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse plunged this Thursday, joining its regional peers in the negative territory, amid the worsening Russia – Ukraine tensions.”

This comes as President Vladimir Putin announces Russia’s launch of military operations in Donbass, Ukraine.

The trading floor is closed on Friday in observance of the People Power Revolution Anniversary.