Philippine stocks saw a selloff on Friday over worries a new COVID-19 variant in South Africa may spread, derailing the country’s economic recovery.
The benchmark Philippine Stock Exchange Index (PSEi) fell 1.23 percent, or 90.83 points, to 7,278.44 while the broader all-shares index lost 1.07 percent, or 41.88 points, to 3,871.39.
Local equities matched declines across the region after the World Health Organization said it was monitoring the variant called B.1.1.529, which showed a large number of mutations.
According to reports, the variant contained mutations associated with an increase in antibody resistance, potentially cutting the effectiveness of vaccines.
The United Kingdom and Israel temporarily suspended flights from South Africa and nearby countries.
Emerging from the Thanksgiving holiday, stock futures in the United States were also down sharply as of Friday afternoon. (©Philippine Daily Inquirer 2021)
