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Concerns over the Ukraine-Russia conflict continue to drag down the PSEi and the peso.

MANILA – Concerns about the Ukraine-Russia war, as well as concerns for further acceleration of inflation due to higher oil prices, led to the local stock barometer and the peso closing in the red on Tuesday.

The Philippine Stock Exchange index (PSEi) fell 4.26 percent to 6,977.73 points, a loss of 310.34 points.

The Dow Jones Industrial Average fell 3.30 percent, or 127.46 points, to 3,739.52 points.

Financials were down 5.16 percent, Holding Firms were down 4.23 percent, Property was down 4.08 percent, Industrial was down 3.74 percent, and Services were down 3.31 percent.

Only Mining and Oil climbed during the day, with a 3.62 percent increase.

The total number of shares traded was 2.35 billion, worth PHP12.16 billion.

At 178 to 57, decliners outnumbered advancers, while 21 shares remained unchanged.

“Philippine stocks fell once more on fears that rising energy prices resulting from the Russia-Ukraine conflict would slow the economy and drive inflation higher,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

Investors are expecting the US consumer price index (CPI) report for February 2022 to be released later this week, with a consensus prediction of 7.9%.

Last January, the CPI in the United States reached 7.5 percent, the highest level since 1982.

WTI crude futures surged 3.2 percent to USD119.40 per barrel, the highest since September 2008, and Brent crude futures rose 4.3 percent to USD123.21 per barrel, the highest since September 2008.

Meanwhile, the local currency continued to lose ground against the US dollar, completing the day at 52.32 versus 51.28 on Monday.

It began trading at 52.25, down from 51.9 at the start of the previous session.

It was 52.34 to 52.01 on average, with a high of 52.34 and a low of 52.195.

Volume was USD1.33 billion, down from USD1.58 billion the previous day.

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