The local stock market closed Friday lower as it seesawed between gains and losses during the week.
The main index lost 46.08 points or 0.62 percent to close at 7,342.01 as conglomerates led the retreat with Property and Mining firms holding their ground. Volume dropped to 1.33 billion shares worth P5.22 billion as losers outnumbered gainers 102 to 89 with 44 unchanged.“Philippine shares closed in the red despite the declining volatility in energy and bond markets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “Investors continue to monitor the war in Ukraine, all the while worrying about the Fed’s bid to hike rates this March.” Philippine inflation came out better than expected for February at 3.0 percent and was able to tame some of the selling, Limlingan added. Philstocks Financial Research and Engagement Officer Claire Alviar said “The bourse fell as the conflict between Russia and Ukraine worsens… Oil prices which remain elevated as a result of the conflict fueled inflation concerns which in turn dampened investors’ sentiment.”
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