Stocks plunge as Ukraine invasion seen to weigh down Asian economies

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The PSEi plunged to a six-month low as the impact of Russia’s invasion of Ukraine is seem to affect the growth of Asian economies.

The main index fell 295.24 points or 4.15 percent to close at 6,816.95, it’s lowest since Sept. 1, 2021 when it ended at 6,785.94. The Services sector led the drop across the board.A total of 2.59 billion shares worth a hefty P8.91 billion changed hands as losers dominated over gainers 190 to 34 with 28 unchanged.

He noted that, “U.S. equities closed on its fifth straight week of losses last Friday amid the dragging Ukraine-Russia conflict.” AB Capital Securities said “The stock market slumped anew as inflation pressures build up, with fuel retailers announcing yet another price hike for tomorrow.” Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse plunged this Monday as offshore concerns weighed on investors’ sentiment.”

 

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