PSEi down 1.36% as Russia-Ukraine crisis continues
The Philippine Stock Exchange index (PSEi) declined by 1.36% or 100.59 points to 7,304.02, while the broader all-shares index fell 1.03% or 40.31 points, to 3,880.74 as investors are starting to reexamine the impact of Russia’s invasion of Ukraine.
In a statement, Regina Capital Development Managing Director Luis Gerardo Limlingan said that this is a “volatile week” as the war is causing “anxiety among investors.”
He added that the invasion has increased commodity prices, worsening inflationary pressures around the world.
For now, Limligan stated that “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.”
Mining and oil became the sole sub-sector that recorded an increase on Wednesday with 1.43%.
Meanwhile, property firms fell by 2.24%, followed by industrial by 1.67%, financial by 1.01%, services by 0.87%, and holding firms by 0.78%.
A total of 1.43 billion shares valued at P7.78 billion (US$151 million) changed hands while foreigners sold a net amount of P295.42 million (US$5.7 million).
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