Stocks retreat due on renewed Ukraine tensions

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The local stock market declined on renewed concern over tensions between Russia and Ukraine.

The main index shed 20.14 points or 0.27 percent to close at 7,418.79 as the Industrial counter led the retreat that was partially offset by the strong gains of the Property and Mining and Oil sectors. Volume improved to 1.18 billion shares worth P7.42 billion as gainers edged out losers 94 to 86 with 53 unchanged.

He added that, “U.S. equities in fact tanked to its worst day of 2022 on Thursday as investors switched to safe-haven assets amid the ongoing conflict.” The U.S. Ambassador to the UN said the conflict had reached a “crucial moment” and that Russia is moving toward “an imminent invasion.” Ukraine accused pro-Russian separatists of attacking a village near the border.

AB Capital Securities said “The local market again edged lower, but remained resilient despite the 600-plus point overnight drop in US markets.” It noted that, “Reopening plays again led the market, with mall operators, retail, entertainment, and travel related companies bucking the general downtrend.”

 

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