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MANILA – On Wednesday, risk-off sentiments affected both the main stocks index and the peso as a result of the geopolitical confrontation between Ukraine and Russia.

To 7,304.02 points, the Philippine Stock Exchange index (PSEi) fell 1.36 percent or 100.59 points.

The Dow Jones Industrial Average fell by 1.03 percent, or 40.31 points, to 3,880.74 points.

The property was down 2.24 percent, Industrial was down 1.67 percent, Financials was down 1.01 percent, Services was down 0.87 percent, and Holding Firms was down 0.78 percent.

Only Mining and Oil saw a 1.43 percent increase over the day.

A total of 1.43 billion shares worth PHP7.78 billion were traded.

At 128 to 65, decliners outnumbered advancers, while 44 shares remained unchanged.

“As the Russia-Ukraine situation intensified and created fear among investors, local and global shares declined in what has become a tumultuous week,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Following the spike in wheat prices on Tuesday, inflation fears in the United States and Europe grew, according to Limlingan.

Investors are also looking forward to Federal Reserve head Jerome Powell’s semi-annual hearing before the US House Committee on Financial Services, where he is expected to outline policy developments.

The local currency was hit during the day by the negative close of the major stocks index, which depreciated to 51.42 versus the US dollar from 51.23 on Tuesday.

It opened at 51.35 and fluctuated between 51.455 and 51.32 throughout the day. For the day, the average level was 51.391.

Volume increased to USD1.032 billion, up from USD942.21 million in the previous session.

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