Inflation offshoot from Ukraine war rattles PH stocks
The benchmark Philippine Stock Exchange index (PSEi) gave up gains from the previous session as the cheer over looser domestic COVID-19 restrictions faded and investors reexamined the impact of Russia’s invasion of Ukraine.
By the closing bell, the PSEi slumped 1.36 percent, or 100.59 points, to 7,304.02 while the broader all-shares index fell 1.03 percent, or 40.31 points, to 3,880.74.
“Local and global equities fell in what has become a volatile week as the Russia-Ukraine crisis deepened and stirred anxiety among investors,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Wednesday.
The war, he added, had also pushed up commodity prices, worsening inflationary pressures around the world.
“Investors await [US Federal Reserve] Chair Jerome Powell’s semiannual hearing at the House Committee on Financial Services to get some clues on potential rate hikes,” he added.
PSE subsectors were lower on Wednesday while mining and oil stood out as the sole gainer with a 1.43-percent increase.
Property firms fell 2.24 percent, followed by industrial, down 1.67 percent, financial, down 1.01 percent, services, down 0.87 percent and holding firms, down 0.78 percent.
A total of 1.43 billion shares valued at P7.78 billion changed hands while foreigners sold a net amount of P295.42 million.
More losers than advancers
There were 128 losers against 65 advancers, while 44 companies closed unchanged.
Solar Philippines Nueva Ecija Corp. was the most actively traded on Wednesday, surging 14.67 percent to P2.11 per share.
It was followed by SM Investments Corp., down 1.80 percent to P930; Ayala Land Inc., down 2.82 percent to P37.90; BDO Unibank Inc., down 1.21 percent to P131; and Semirara Mining Corp., up 7.23 percent to P30.40 per share.
Other heavy movers were International Container Terminal Services Inc., flat at P218; SM Prime Holdings Inc., down 2.54 percent to P38.40; DITO CME Holdings Corp., down 8.40 percent to P5.45; Bank of the Philippine Islands, down 0.36 percent to P98.15; and Metropolitan Bank & Trust Co., down 1.55 percent to P57.10 per share.
