Soaring oil prices weigh on PH shares

Philippine stocks traded lower on Friday despite flat headline inflation as investors focused on soaring oil prices amid the Russia-Ukraine conflict.

The benchmark Philippine Stock Exchange fell 0.62%, or 46.08 points, to 7,342.01 while the broader all-stock index lost 0.58%, or 22 .90 points, at 3,895.52.

The Philippine Statistics Authority said on Friday that inflation in February remained at 3%, however, a closer look at the figures showed that this was due to the slower rise in food prices offsetting the surge in food prices. fuel price. The Bangko Sentral ng Pilipinas also expects inflation to heat up in the coming months due to higher oil prices.

Mining, oil and real estate gained 0.40% and 0.11% on Friday, while holdings and industrials fell 1.25% and 1.03%, respectively. Services and financials were also down 0.50% and 0.18%, respectively.

A total of 1.33 billion shares valued at 5.22 billion pesos changed hands on Friday while foreigners sold a net amount of 164.23 million pesos. PLDT Inc. was the most actively traded company during the session, as it gained 1.09% to reach 1,850 pesos per share.

It was followed by International Container Terminal Services Inc., down 0.79% to P226.20; World Nissin Corp., down 0.54% to 14.76 pesos; BDO Unibank Inc., down 0.76% to P130; and Semirara Mining and Power Corp., down 2.45% to 31.90 PPP per share.

Other active names were SM Investments Corp., down 2.61% to P932; Nickel Asia Corp., up 1.84% at 8.30 PPP; DMCI Holdings Inc., down 0.76% to 9.20 PPP; Bank of the Philippine Islands, down 0.05% to 98.45 pesos; and Metropolitan Bank & Trust Co., up 1.13% to 58.15 pesos per share.

—Miguel R. Camus

Read more

Don’t miss the latest news and information.

To subscribe to MORE APPLICANT to access The Philippine Daily Inquirer and over 70 titles, share up to 5 gadgets, listen to news, download as early as 4am and share articles on social media. Call 896 6000.

For comments, complaints or inquiries, Contact us.

Source link

Felix J. Dixon