Omicron and ‘Odette’ weigh down PH stocks

Omicron and ‘Odette’ weigh down PH stocks

Philippine stocks dropped on Tuesday as worries over the Omicron coronavirus variant weighed on sentiments while investors monitored developments on the devastation caused by Typhoon “Odette.”

The benchmark Philippine Stock Exchange (PSE) Index lost 0.97 percent, or 70.55 points, to 7,167.06 while the broader all-shares index shed 0.59 percent, or 22.71 points, to 3,805.67.

All PSE indices closed lower led by banking, services and property stocks.

“The Philippine shares continued to trade in the red as the Omicron-driven resurgence in COVID-19 cases pushed investors on edge,” Luis Gerardo Limlingan, managing director at Regina Capital Development, said in a note to investors.

On Monday, the Department of Health said a third case of Omicron was confirmed: a patient who arrived in the county last Nov. 28 but has since tested negative. Meanwhile, cases in the United States jumped to over 156,000, triggering a selloff in Wall Street overnight.

Apart from Omicron fears, investors continued to monitor news on the destruction left in Odettes wake.

Malacañang announced it would raise about P10 billion for rehabilitation and recovery efforts in affected areas in Visayas and Mindanao.

Losers outnumber gainers

Meanwhile, PSE data showed 955.83 million shares valued at P6.86 billion changing hands on Tuesday while foreigners were net sellers to the tune of P372 million.

Losers outnumbered gainers 106 to 75 while 56 companies closed unchanged.

Alliance Global Group Inc., up 1.69 percent to P12 per share, was the most actively traded company during the session.

It was followed by Jollibee Foods Corp., down 2.43 percent to P208.80, Metropolitan Bank & Trust Co., up 0.09 percent to P52.95, Solar Philippines Nueva Ecija Corp., up 3.6 percent to P1.15, and International Container Terminal Services Inc., down 0.16 percent to P193.20 per share.

Other active stocks were Ayala Corp., down 0.79 percent to P881, Ayala Land Inc., down 1.15 percent to P34.50, Philex Mining Corp., up 1.08 percent to P4.70, Bank of the Philippine Islands, down 2.64 percent to P92.10, and SM Investments Corp., down 0.92 percent to P971 per share.