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Manila Bulletin devider Business devider Stocks fall as investors lock in gains

Stocks fall as investors lock in gains

Published Mar 2, 2022 03:37 pm

The local stock market fell on profit-taking as investors continue to be wary of developments overseas, particularly in Ukraine.

The main index dropped 102.93 points or 1.39 percent to close at 7,391.68 as the Property sector led the retreat with only the Mining and Oil counter bucking the trend. Volume eased to 1.36 billion shares worth P6.74 billion as losers beat gainers 126 to 63 with 45 unchanged.

Philippine Stock Exchange index (PSEi)

“Local and global equities fell in what has become a volatile week as the Russia-Ukraine crisis deepened and stirred anxiety among investors,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Wheat prices also jumped on Tuesday, adding inflation worries in the U.S. and Europe.“ Investors await Fed Chair Jerome Powell's semiannual hearing at House Committee on Financial Services to get some clues on potential rate hikes.

Limlingan noted that, “Local data was strong but wasn’t enough to calm down fears overseas. Report from IHS Markit showed that PH's PMI in Feb. was logged at 52.8--the highest since Dec 2018. Solid expansions in both output and new orders were the main reasons for the higher Feb. PMI reading.”

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan
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