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Manila Bulletin devider Business devider Geopolitical tensions weigh PSEi down

Geopolitical tensions weigh PSEi down

Published Feb 21, 2022 03:04 pm

The local stock market weakened further as the situation at the Russian and Ukranian border continue to heat up.

The main index lost 46.54 points or 0.63 percent to close at 7,372.25 although sectoral indices were evenly mixed as conglomerates fell while property firms rally. Volume rose to 1.4 billion shares worth P9.11 billion as losers trounced gainers 129 to 72 with 46 unchanged.

Philippine Stock Exchange index (PSEi)

“Philippine shares tumbled following the sentiment of the rest of the world as investors shifted to defensive sectors and safe havens such as bonds and gold as geopolitical tensions between Washington and Russia over Ukraine flared,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “On top of this, there was a lack of positive leads with Wall St.'s trading floor closed Monday in observance of President's Day.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Investors’ confidence also took a hit from Fitch Ratings’ decision to maintain its negative outlook for the Philippine economy.”

Related Tags

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