Ukraine Spooks PSE Index

The Philippine Stock Exchange (PSE) index today declined by 51.21 points or 0.70 percent to 7,338.28 points on the threat of an imminent Russian invasion of Ukraine that has been flagged by Western leaders and even by the aforementioned country’s president, stopping in its tracks optimism that has built up for the market the past few days.

Photo Insert: The Philippine Stock Exchange (PSE) Index, February 15, 2022

With the ease in restrictions for incoming travelers to the country, the lower transmissibility rates in COVID-19 cases, and opening of the economy, the market hit a high of 7,372.65 points but profit-taking and Ukraine fears brought the market down below the 7,300 milestone level, 7,292.95 points until the holding firms recovered, and together with the mining and oil sub index’s rise tamed the downswing in the index.

Market bellwether SM Investments recovered to P940 at the close after it hit a low of P925 resulting in the rise in the holdings sub-index that had been pulsating with a red light before the closing bell.

The holdings firm sub-index gained 0.76 percent while the mining and oil sub-index rose by 2.31 percent. The financials lost 0.91 percent, industrials, 1.32 percent, services, 0.86 percent, and property, 2.21 percent.

Only five shares posted gains among the Top 20 active stocks where Converge, hit by profit-taking, emerged most active with P659 million in trades as it went down by 5.92 percent or P1.60 to P25.50 followed by Globe, down by P64 to P2,720 on trades of P445 million, and Solar with P407 million as it lost 10 centavos to P2.09. The other losers were PLDT down by P68 to P1,752, BDO Unibank, down P2.40 to P135.90, Bank of PI, down a peso to P99, and Monde, down 50 centavos to P16.50.

The gainers were Nickel Asia, up 25 centavos to P6.82, ICTSI, up P7.40 to P216, Megaworld, up 2 centavos to P3.25, Bloomberry, up 12 centavos to P6.21 and Ayala Corp., up P8 to P860.

Broker Jose Ricardo Garcia of Diversified Securities said that the market was spooked by the Ukraine geopolitical tension.

Ukraine President Volodymyr Zelensky has urged politicians and business leaders who have fled the country on war drums from Russia’s leader Vladimir Putin to come back within 24 hours and stand side by side with the Ukrainian army.

He has set a day of unity Wednesday as the US, UK, and other western leaders see an imminent invasion with the massing of over 100,000 Russian troops at the border.

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