The Philippine Stock Exchange index (PSEi) continued to suffer amid fears among investors from possible impacts of the Omicron variant as it plunged from the 7,000-level at the start of the month.
The PSEi shed 253.82 points, or 3.53 percent, to end Wednesday trading at 6,947.06.
All shares plummeted by 103.75 points, or 2.70 percent, to 3,734.38.
“Philippine shares suffered one of the biggest losses of the year as Omicron fears continue to rule market sentiment,” Regina Capital Development Corp. managing director Luis Limlingan said.
Limlingan added PSEi followed the trading of regional equities as these also plunged during this day’s trading, with declines mainly driven by shares of airlines, cruise lines, and lodging companies which are “considered to be some of the most exposed to virus-related disruptions”.
Even with the vaccine, the Omicron variant still adds fear among investors following Moderna’s statement that Covid-19 vaccines are unlikely to be as effective against the new variant as they have been against the Delta variant.
“On top of this, investors also reacted to Fed Chair Powell’s latest remarks before the Senate Banking Committee, wherein Powell said the central bank could speed up its tapering process to end sooner than previously telegraphed in the face of rising inflationary pressures,” Limlingan said.
All sectors in the PSEi ended in the red, with the biggest losses coming from Industrial, which decreased by 246.72 points, or 2.36 percent, to 10,193.03.
This was followed by Holding Firms, declining by 226.17 points, or 3.26 percent, to 6,706.67; Mining and Oil, down by 185.19 points, or 1.96 percent, to 9,255.37; Property, down by 165.26 points, or 5.01 percent, to 3,131.87; Services, down by 73.71 points, or 3.71 percent, to 1,912.77; and Financials, down by 37.12 points, or 2.37 percent, to 1,532.73.
Meanwhile, the Philippine peso ended the day at 50.34 to a dollar from 50.36 on Monday.
There was no trading on November 30, a holiday.
It opened the day at 50.36, and traded between a low of 50.32 and a high of 50.46, bringing the weighted average for the day at 50.40 to a dollar.
Total volume traded on Wednesday reached USD1.03 billion.
Source: Philippines News Agency
