PSEi sinks over fears Russia will step up attacks

SHARES continued to fall on Tuesday amid fears that Russia could use chemical weapons in its war on Ukraine and aggressive tightening by the US Federal Reserve to combat rising inflation.

The benchmark Philippine Stock Exchange Index (PSEi) fell 92.93 points or 1.33% to close at 6,895.36 on Tuesday, while broader stocks fell 42.37 points or 1.13% at 3,685.84.

“Philippine stocks were again sold off heading into the long weekend. Further escalation in Ukraine as well as strict shutdowns in key areas of China, including Shanghai, led to a broad sale of assets over the past week,” said Luis A. Limlingan, Chief Sales Officer of Regina Capital Development Corp. in a Viber message.

Mercantile Securities Corp. analyst Jeff Radley C. See said overall market sentiment continued to be bearish.

“Investors would rather have a cash position than park their funds in the market. Commodity prices continue to rise. There are still no signs of peace talks in place between Ukraine and Russia Mr. See said in a Viber message.

Ukrainian leader Volodymyr Zelenskyy said in a televised address late Monday that Russia may use chemical weapons as it gathers troops in the eastern Donbass region for a fresh assault on the port of Mariupol, where thousands of people would have died under a rain of almost seven years. week-long siege, Reuters reported.

Regina Capital’s Mr Limlingan said investors were also hesitant to make big bets on fears of aggressive Fed tightening and ahead of the March consumer price index report due for release later. tuesday.

“The Fed signaling a steep bullish cycle also sparked recession fears among investors,” he said.

All sector indices ended in the red on Tuesday. Industrials fell 206.95 points or 2.15% to 9,414.80; real estate fell by 59.35 points or 1.83% to 3,184.49; mining and oil lost 177.43 points or 1.43% to 12,172.43; services down 27.41 points or 1.42% at 1,903.45; financials fell 21.60 points or 1.29% to 1,646.21; and holdings fell 42.01 points or 0.64% to 6,501.21.

The MidCap index was down 25.21 points or 2.12% to close at 1,166.01 and the Dividend Yield index was down 33.62 points or 1.99% at 1,658.99.

Turnover in value rose to 5 billion pesos with 1.51 billion shares traded against 3.36 billion pesos with 882.34 million shows viewed on Monday.

Refusals exceeded advances, 113 to 50, while 60 names remained unchanged.

Net sales abroad reached 749.76 million pesos on Tuesday, compared to 208.85 million pesos on the previous trading day.

Mercantile Securities’ Mr See said the next possible PSEi support for the last trading day of the week is between 6,761 and 6,546.

Philippine financial markets are closed on April 14 and 15 in commemoration of Holy Thursday and Good Friday. — Luisa Maria Jacinta C. Jocson with Reuters

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