Russia’s latest offensive against Ukraine sent traders scrambling to sell shares, erasing the local bourse’s gains from its recent rally to dip below 6,800 on the last trading day of the week.
By the closing bell on Friday, the benchmark Philippine Stock Exchange Index (PSEi) slipped by 1.21 percent or 82.88 points to 6,780.13.
Likewise, the broader All Shares Index shed 0.56 percent or 21.18 points to close at 3,788.21.
A total of 604.62 million shares worth P3.15 billion changed hands, stock exchange data showed.
Luis Limlingan, head of sales at stock brokerage house Regina Capital Development Corp., said the PSEi slid as the conflict between Russia and Ukraine appeared to escalate.
Article continues after this advertisementRussian President Vladimir Putin on Friday confirmed that they had fired a missile at the Ukrainian city of Dnipro, according to reports from the foreign press.
Article continues after this advertisementBourse’s bane
Geopolitical conflict was among the reasons why the PSEi slipped to the 6,100 level in June, as economic uncertainty spread worldwide. That represented the local stock market’s lowest closing value so far this year.
Services-related firms such as International Container Terminal Services Inc. (ICTSI) slid the most, while only mining companies were in the green.
Ayala-led Bank of the Philippines Islands was the top-traded stock as it declined by 0.89 percent to P134.30, followed by SM Investments Corp., down 2.32 percent to P883; BDO Unibank Inc., down 0.2 percent to P152; SM Prime Holdings Inc., down 1.79 percent to P27.50; and ICTSI, down 2.7 percent to P397 each.
Other actively traded stocks were Universal Robina Corp., down 2.35 percent to P83; Jollibee Foods Corp., down 1.63 percent to P265; Ayala Land Inc., up 0.17 percent to P30; Ayala Corp., down 2.65 percent to P642; and Metropolitan Bank and Trust Co., down 0.52 percent to P76.50 per share.
Losers outnumbered gainers, 108 to 76, while 64 companies closed unchanged, stock exchange data also showed. —Meg J. Adonis