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Manila Bulletin devider Business devider Stocks weaken on Ukraine, interest rate concerns

Stocks weaken on Ukraine, interest rate concerns

Published Feb 15, 2022 03:24 pm

Local share prices weakened amid growing tension between Russia and Ukraine as well as lingering concern over US interest rates.

The PSEi shed 52.21 points or 0.70 percent to close at 7,309.94 as the Property sector led the retreat while the Holding Firms and Mining and Oil counters posted gains. Volume eased but remained healthy at 1.21 billion shares worth P8.03 billion as losers beat gainers 106 to 75 with 56 unchanged.

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“Philippine shares fell as investors assessed the geopolitical tensions between Russia and Ukraine while keeping an eye on the possible impact of tighter monetary policy from the Fed,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Equity markets remain hypersensitive to the developments over the Russian-Ukraine situation.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse fell this as offshore worries weighed on investor sentiment. This includes the hawkish outlook of the Federal Reserve for the year, and the ongoing tensions between Russia and Ukraine together with its consequences including the surge in oil prices.“

He added that, “Investors also showed disappointment as the restrictions in the National Capital Region were not eased.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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