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Stocks weaker on first day of Q2

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The PSEi declined at the end of a volatile week due to renewed concerns over Russia’s invasion of Ukraine and its conflict with the West.

The main index dropped 50.59 points or 0.70 percent to close at 7,152.88 as the Holding Firms counter led the retreat of all sectors. Volume weakened to 15.2 billion shares worth P5.4 billion as losers beat gainers 106 to 65 with 46 unchanged.“Philippine shares were sold ahead of the weekend as traders wrapped up a rocky first quarter,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

AB Capital Securities said “Philippine share prices tracked the decline in foreign equity markets, following a 550-point drop in the Dow Jones index triggered by a yield curve inversion. A yield curve inversion is widely regarded as a warning signal that the economy is headed for a downturn.”

 

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