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PH stocks slump on rising oil prices, peso rebounds

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Philippine stocks declined for a second straight trading, even as Wall Street and Asian stocks rose, on concerns about rising oil prices due to renewed

tension between Russia and Ukraine.

Trading was tepid, with net value turnover registering P3.11 billion, below the year-to-date average of P5.17 billion.Among the indices, only the mining and oil closed with gains, up 0.07 percent. The gains in equities followed a retreat in most regional bourses Thursday after a forecast-topping earnings report from chip titan Nvidia still fell short of investors’ hopes and sparked worries that a tech-fueled surge in markets may have run its course.

“If we look out over the next year or so, it feels to me like rates will end up a fair bit lower than where they are today,” he said.

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