Share prices closed virtually flat Monday with traders hoping for progress in ceasefire talks between Russia and Ukraine this week.
The Philippine Stock Exchange Index added 9.52 points, or 0.1 percent, to 7,134.36 on a value turnover of P5.2 billion. Losers, however, beat gainers, 94 to 77, with 55 issues unchanged.
Universal Robina Corp., the biggest snack food maker, rose 1 percent to P118.20, while Solar Philippine Nueva Ecija Corp., which is building the biggest solar farm in Southeast Asia, also climbed 1 percent to P2.02.
International Container Terminal Services Inc., the largest port operator and owned by tycoon Enrique Razon Jr., however, fell 2.7 percent to P218, while conglomerate Ayala Corp. of the Ayala Group declined 1.4 percent to P806.
The rest of Asian stock markets mostly rose Monday, though gains were tempered by a phased lockdown in Shanghai that led to fresh concerns about already strained supply chains.
Growing expectations that the Federal Reserve will become increasingly aggressive in its drive to bring down inflation continue to dampen sentiment, with Treasury yields—a gauge of future interest rates—surging.
Asian equity markets were largely higher, with Hong Kong rebounding more than one percent after suffering hefty losses Friday, while Shanghai ended slightly higher.
Sydney, Singapore, Bangkok and Jakarta were also on the front foot, though Tokyo, Taipei and Wellington fell. Seoul and Mumbai were flat.
With the war in Ukraine now in its second month, investors are hoping the two sides will be able to make inroads on ending the crisis when they meet in Turkey, either on Monday or Tuesday.
Ukraine President Volodymyr Zelensky said he hoped they would bring peace “without delay,” despite several previous rounds failing to overcome disagreements about Kyiv’s alignment with the West and Russia’s occupation of eastern parts of the country.
But there is a hope that Moscow could be willing to de-escalate as its troops struggle to break dogged resistance from its much smaller opponent.
Zelensky has previously indicated he is “carefully” considering a Russian demand of Ukrainian “neutrality.”
Russian President Vladimir Putin ordered the February invasion to destroy Ukraine’s military and topple the pro-Western Zelensky, bringing the country under Moscow’s sway.
But senior general Sergei Rudskoi suggested a considerably reduced “main goal” of controlling Donbas, an eastern region already partly held by Russian proxies.
While the sliver of hope for a ceasefire is providing some support to markets, concerns about China’s economy continue to keep optimism in check.
Shanghai, the country’s biggest city and financial hub, will launch a phased lockdown to curb an Omicron outbreak with the east shutting down Monday to Friday, followed by a similar measure in the west from April 1.
The news impacted oil prices as traders weighed a possible hit to demand in the world’s biggest crude consumer. Both main contracts were sharply down Monday, though they remain elevated by ongoing concerns about supplies caused by the war in eastern Europe. With AFP