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Manila Bulletin devider Business devider Stocks retreat due on renewed Ukraine tensions

Stocks retreat due on renewed Ukraine tensions

Published Feb 18, 2022 03:35 pm

The local stock market declined on renewed concern over tensions between Russia and Ukraine.

The main index shed 20.14 points or 0.27 percent to close at 7,418.79 as the Industrial counter led the retreat that was partially offset by the strong gains of the Property and Mining and Oil sectors. Volume improved to 1.18 billion shares worth P7.42 billion as gainers edged out losers 94 to 86 with 53 unchanged.

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“Philippine shares got caught in the crossfire, sliding this session as tensions between Washington and Russia over Ukraine flared,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “U.S. equities in fact tanked to its worst day of 2022 on Thursday as investors switched to safe-haven assets amid the ongoing conflict.”

The U.S. Ambassador to the UN said the conflict had reached a “crucial moment” and that Russia is moving toward “an imminent invasion.” Ukraine accused pro-Russian separatists of attacking a village near the border.

AB Capital Securities said “The local market again edged lower, but remained resilient despite the 600-plus point overnight drop in US markets.”

It noted that, “Reopening plays again led the market, with mall operators, retail, entertainment, and travel related companies bucking the general downtrend.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan AB Capital Securities Inc.
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