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Due to geopolitical concerns outside, the PSEi is down, while the peso is practically flat.

MANILA, Philippines β€” Investors were concerned about geopolitical tensions between the US and Russia over Ukraine, resulting in a negative closing of the Philippine Stock Exchange index (PSEi) on Monday, while the peso stayed steady versus the US dollar.

The main equities index dropped 46.54 points, or 0.63 percent, to 7,372.25 points.

The Dow Jones Industrial Average fell 0.18 percent, or 7.03 points, to 3,916.66 points.

Holding Firms, 2.38 percent; Services, 1.07 percent; and Industrial, 0.97 percent – half of the sectoral gauges tracked the main index.

Property, on the other hand, gained 2.14 percent, Mining and Oil gained 1.25 percent, and Financials gained 0.02 percent.

A total of 1.40 billion shares worth PHP9.11 billion were traded.

Losers outnumbered gainers 129 to 72, with 46 shares remaining unchanged.

“As geopolitical tensions between Washington and Russia over Ukraine erupted, investors switched to defensive sectors and safe-havens, such as bonds and gold,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Gold prices hit an eight-month high, according to Limlingan, with spot gold up 1.5 percent to USD1,897.21 per ounce (oz) and US gold futures up 1.6 percent to USD1,902 per oz.

Oil prices, on the other hand, fell 2% as “talks to resuscitate a nuclear deal with Iran approached the final stages,” although losses were restrained by “heightened tensions between top energy producer Russia and the West over Ukraine.”

Brent crude sank 2% to USD92.87 per barrel, while WTI crude slid 1.44 percent to USD91.76 per barrel in the United States.

In the midst of all of this, the local currency barely moved against the US dollar, completing the day at 51.38, up from 51.35 last Friday.

It started the day at 51.4 and fluctuated between 51.42 and 51.36 during the day.

For the day, the average level was 51.393.

Volume increased to USD713.5 million, up from USD546.2 million in the previous session.

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