The detection of two imported cases of the Omicron variant in the Philippines resulted in the negative close of the main equities index on Wednesday, but the peso managed to end sideways against the US dollar.
All the counters in the local bourse finished in the negative territory, with the Philippine Stock Exchange index (PSEi) down by 1.51 percent, or 109.41 points, to 7,132.58 points.
All Shares contracted by 1.54 percent, or 59.1 points, to 3,782.59 points.
The Property index posted the highest decrease among the sectoral gauges after it dropped by 2.34 percent.
It was followed by the Holding Firms, 1.45 percent; Mining and Oil, 1.35 percent; Services, 1.32 percent; Financials, 1.27 percent; and Industrial, 1.01 percent.
Volume totaled 1.33 billion shares amounting to PHP11.35 billion.
Decliners surpassed advancers at 142 to 58, while 54 shares were unchanged.
“Philippine shares succumbed to panic selling as the country logged its first cases of the Omicron variant,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
Limlingan said investors are speculating whether the cases will be contained and if the government will adhere to stricter measures to protect cases from increasing.
He said investors are “also anxious as the Federal Reserve kicked off its two-day policy meeting, which is expected to end with the central bank signaling a faster wind-down of its bond-buying program.”
Meanwhile, the local currency finished the day at 50.27 against the US dollar from its 50.35 close a day ago.
It opened the day at 50.32 and traded between 50.36 and 50.27.
Average level for the day stood at 50.334.
Volume reached USD650.8 million, lower than the USD651.7 million in the previous session. (PNA)
