PH shares wince as Russia downplays peace with Ukraine
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Philippine shares followed the region lower on Friday as ongoing geopolitical tensions weighed on sentiments ahead of the weekend.
The benchmark Philippine Stock Exchange index (PSEi) shed 0.70 percent, or 50.59 points, to 7,152.88 while the broader all-shares index dropped 0.61 percent, or 23.24 points, to 3,788.59.
“Philippine shares were sold ahead of the weekend as traders wrapped up a rocky first quarter,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors on Friday.
“Hopes of a possible peace deal between Russia and Ukraine quickly evaporated as President Vladimir Putin threatened to halt contracts supplying Europe with a third of its gas unless they are paid in rubles,” he added.
Subsectors closed on red
All PSE subsectors closed on the red while holding firms and services underperformed by comparison due to declines from PLDT Inc. and SM Investments Corp.
A total of 15.2 billion shares valued at P5.4 billion changed hands. There were 106 losers against 65 gainers while 46 companies closed unchanged.
Ayala Land Inc. was the most actively traded on Friday as it tumbled 0.29 percent to P34.95 per share.
It was followed by SM Prime Holdings Inc., up 0.13 percent to P37.90; Converge ICT Solutions Inc., down 0.66 percent to P30; International Container Terminal Services Inc., up 0.80 percent to P226.60; and BDO Unibank Inc., down 0.15 percent to P132.50 per share.
Other heavy movers were Universal Robina Corp., down 1.4 percent to P119.30; PLDT Inc., down 2.97 percent to P1,795; SM Investments Corp., down 1.21 percent to P898; Semirara Mining and Power Corp., down 0.16 percent to P30.65; and AC Energy Corp., down 0.34 percent to P8.70 per share.
