PH shares down as Ukraine tensions persist
Philippine shares were mostly lower on Friday as investors secured gains earlier in the week while geopolitical tensions in Ukraine escalated.
The benchmark Philippine Stock Exchange index slipped 0.27 percent, or 20.14 points, to 7,418.79 while the broader all-shares index shed 0.27 percent, or 10.62 points, to 3,923.69.
“Philippine shares got caught in the crossfire, sliding [in] this session as tensions between Washington and Russia over Ukraine flared. US equities in fact tanked to its worst day of 2022 on Thursday as investors switched to safe-haven assets amid the ongoing conflict,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.
Industrial stocks led losers on Friday as it sank 0.85 percent. Other underperforming sectors were holding firms, down 0.57 percent, services down 0.50 percent and financials, down 0.30 percent.
Buyers edge out sellers
Property and mining and oil were up 1.16 percent and 1.14 percent, respectively.
A total of 1.18 billion shares valued at P7.42 billion changed hands during the session while foreign buyers edged out sellers by P88.57 million.
Advancers outpaced decliners 94 to 86, while 53 companies closed unchanged, PSE data showed.
Heavy movers
Ayala Land Inc. was the most actively traded company on Friday, jumping 2.45 percent to P39.65 per share.
It was followed by Robinsons Land Corp., up 1.56 percent to P19.50; Globe Telecom Inc., down 3.16 percent to P2,700; PLDT Inc., down 2.62 percent to P1,782, and SM Investments Corp., down 0.65 percent to P921 per share.
Other heavy movers were SM Prime Holdings Inc., up 0.53 percent to P38.20; Converge ICT Solutions Inc., down 2.46 percent to P27.80; International Container Terminal Services Inc., up 0.65 percent to P217; Metro Pacific Investments Corp., down 0.52 percent to P3.86; and Metropolitan Bank & Trust Co., up 0.17 percent to P60.30 per share.
—Miguel R. Camus
