The benchmark Philippine Stock Exchange index fell by 50.59 points or 0.70% to close at 7,152.88 on Friday, while the broader all shares dropped by 23.24 points or 0.61% to 3,788.59.China Bank Securities Corp. Research Director Rastine Mackie D. Mercado said the market may see a pullback following two weeks of slow ascent amid continued volatility due to the Russia-Ukraine crisis and ahead of the release of March inflation report.
“We may also see volatility inching higher as geopolitical developments remain fluid and as investors await March inflation data. An uptick after the pullback should be viewed as an opportunity for redeployment,” he added. Ukraine’s troops have retaken more than 30 towns and villages around Kyiv, Ukrainian officials said on Saturday, claiming complete control of the capital region for the first time since Russia launched its invasion, Reuters reported.
If realized, this would be faster than the 3% in February and would match the upper end of the 2-4% target of the Bangko Sentral ng Pilipinas. Still, it would be slower than the 4.5% seen a year earlier.
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