Soaring oil prices bear down on PH shares
Philippine shares traded lower on Friday despite a stable headline inflation reading as investors focused on surging oil prices amid the Russia-Ukraine conflict.
The benchmark Philippine Stock Exchange index dropped 0.62 percent, or 46.08 points, to 7,342.01 while the broader all-shares index shed 0.58 percent, or 22.90 points, to 3,895.52.
The Philippine Statistics Authority said on Friday inflation in February stayed at 3 percent, however, a closer look at the figures showed this was because slower food price hikes offset the surge in fuel costs. The Bangko Sentral ng Pilipinas also expects inflation to heat up in the coming months due to rising oil prices.
Mining and oil and property gained 0.40 percent and 0.11 percent on Friday while holding firms and industrial slipped by 1.25 percent and 1.03 percent, respectively. Services and financials also declined 0.50 percent and 0.18 percent, respectively.
A total of 1.33 billion shares valued at P5.22 billion changed hands on Friday while foreigners sold off a net amount of P164.23 million. PLDT Inc. was the most actively traded company during the session as it gained 1.09 percent to P1,850 per share.
It was followed by International Container Terminal Services Inc., down 0.79 percent to P226.20; Monde Nissin Corp., down 0.54 percent to P14.76; BDO Unibank Inc., down 0.76 percent to P130; and Semirara Mining and Power Corp., down 2.45 percent to P31.90 per share.
Other active names were SM Investments Corp., down 2.61 percent to P932; Nickel Asia Corp., up 1.84 percent to P8.30; DMCI Holdings Inc., down 0.76 percent to P9.20; Bank of the Philippine Islands, down 0.05 percent to P98.45; and Metropolitan Bank & Trust Co., up 1.13 percent to P58.15 per share.
