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Manila Bulletin devider Business devider PSEI falls as sanctions are imposed on Russia

PSEI falls as sanctions are imposed on Russia

Published Feb 23, 2022 03:51 pm

The PSEi dropped as countries impose sanctions against Russia after its troops moved into parts of Ukraine.

The main index fell 76.70 points or 1.03 percent to close at 7,364.21 as the Property sector plunged, although the Services and Mining and Oil counters held their ground. Volume declined to 1.2 billion shares worth P7.78 billion as losers outpaced gainers 93 to 86 with 67 unchanged.

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“Philippine shares fell upon resumption of trading still due to the intensifying Ukraine-Russia geopolitical tensions,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

US President Joe Biden announced sanctions on Russian bank VEB and its military bank, Russia’s sovereign debt, and certain wealthy individuals in their families in response to Putin’s move to recognize two pro-Moscow separatist republics in east Ukraine and deploy Russian troops into the area.

The UK also announced its first tranche of Russia sanctions.

“Back home, the PSEi saw smaller declines on optimism that the capital region will deescalate to Alert Level 1 by next month, “ he noted.

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse declined due to the escalating Russia-Ukraine tensions... We think that, for now, local investors are mostly worried over the tensions' impact on the oil prices.”

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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