Philippines: Omicron woes continue to dominate market

• Dec 22, 2021

WORRIES on the Omicron variant continued to prevail over the local bourse, prompting it to slip down the 7,100 territory on Tuesday.

The bellwether Philippine Stock Exchange index declined by 0.98 percent, or 70.55 points, to its intraday low of 7,167.06, while the broader All Shares dipped by 0.59 percent, or 22.71 points, to finish at 3,805.67.

Japhet Tantiangco, Philstocks Financial Inc. senior research analyst, said pandemic-related concerns due to the Omicron variant still weighed on the sentiment.

Tantiangco added that investors also “priced in the local economic setbacks caused by Typhoon ‘Odette.'”

Luis Limlingan, Regina Capital Development Corp. managing director, said the local market succumbed to the bearish sentiment and likewise attributed the decline of the main index to Omicron-related concerns globally.

Trading remained sluggish as net value turnover ended at P6.77 billion, still below the year-to-date average of P7.47 billion.

Tantiangco noted that this means many investors are choosing to stay on the sidelines due to the lingering uncertainties.

Foreign funds also extended their exodus as net outflows stood at P372.02 million.

The local sectors all posted losses with banks slipping the most at 1.55 percent.

Source: https://www.manilatimes.net/2021/12/22/business/top-business/omicron-woes-continue-to-dominate-market/1826795