Local share prices weakend as investors fear rising inflation amid the intensifying war between Russia and Ukraine.
The main index lost 53.94 points or 0.74 percent to close at 7,288.07 as the Industrial sector led the retreat while the Mining and Oil counter was the only advancer. Volume improved to 2.35 billion shares worth P8.73 billion as losers beat gainers 147 to 66 with 34 unchanged.
“Philippine shares dropped as the Russia-Ukraine conflict sparked nuclear fears,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “The news of Russia’s invasion overshadowed positive U.S. employment data for February that was released Friday morning.”
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse fell as investors worry over inflation risks and how it may slow down our economic recovery.”
He added that, “The local market even reached as low as 7,158.33 intra-day, down 2.50 percent. This comes amid threats of banning Russian oil exports as the Russia – Ukraine war continues to escalate.”
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