Ukraine woes weigh down shares
Philippine stocks closed lower on Wednesday as investors weighed a cluster of risks arising from the Russia-Ukraine crises while Filipino consumers stared down the barrel of looming $100 oil prices, potentially undermining economic recovery.
By the closing bell, the benchmark Philippine Stock Exchange (PSE) index fell 1.03 percent, or 76.70 points, to 7,364.21 while the broader all-shares index dropped 0.52 percent, or 20.65 points, to 3,917.86.
Asian indices were mostly higher as world leaders imposed sanctions on Russia after Vladimir Putin ordered his forces into Ukraine.
Oil prices continued to surge toward $100 per barrel, its impact on consumers to be amplified by the weakening Philippine peso.
BDO Unibank Inc. chief strategist Jonathan Ravelas said the peso was facing “strong resistance” before breaking past the P51.50 level versus the US dollar.
Breaching this level could see the Peso weaken further to P51.70-P52.
Metro Manila mayors recommended that COVID-19 restrictions be eased to the lowest level beginning March 1.
Meanwhile, the PSE issued a memorandum reinstating full-day trading on March 1, extending the current 1:00 p.m. close to 3:00 p.m.
PSE subsectors were mostly lower on Wednesday, led by property, down 2.17 percent; followed by holding firms, down 0.78 percent; industrials, down 0.75 percent; and financials, down 0.53 percent.
Services and mining and oil rose 0.23 percent and 0.12 percent, respectively.
A total of 1.20 billion shares valued at P7.78 billion changed hands while foreign buyers narrowly edged out sellers by P47.03 million.
There were 93 losers versus 86 advancers while 67 companies closed unchanged.
BDO Unibank Inc. was the most actively traded company on Wednesday, shedding 0.15 percent to P134.80 per share.
It was followed by DITO CME Holdings Corp., down 4.35 percent to P6.60; Universal Robina Corp., down 2.80 percent to P121.50; Citicore Energy REIT Corp., flat at P2.84; and Metropolitan Bank & Trust Co., down 1.48 percent to P59.85 per share.
Other active names were Bloomberry Resorts Corp., up 8.16 percent to P7.42; Ayala Land Inc., down 3.29 percent to P38.20; SM Prime Holdings Inc., down 2.13 percent to P39; SM Investments Corp., down 1.68 percent to P880; and Monde Nissin Corp., up 2.07 percent to P15.80 per share.
