Omicron Rattles PSE Index

The Philippine Stock Exchange (PSE) index declined heftily on concerns from the new COVID-19 variant Omicron but bargain hunters stemmed the slide recovering more than 200 points as it closed at 7,200, down by just 77.50 points or 1.07 percent.

Photo Insert: The Philippine Stock Exchange (PSE) Index, November 29, 2021

Opening weak, the index reached a low of 7,000 points in mid-trade before regaining its losses in trading that saw big losses of more than 3 percent for the favored stocks.

Value turnover was heavy at p28 billion with losers almost three times the gainers, 150 to 57 with 45 shares unchanged. All the sub-indices were down save for the services, which rose by 0.51 percent.

The industrials lost 1.71 percent, the holding firms by 1.53 percent, financials by 1.05 percent, mining and oil by 0.47 percent, and property by 0.82 percent.

Monde and AC Energy had trades of p5.645 billion and p5,044 billion respectively as they closed at p17.02, down by 58 centavos and p11.28, down by 46 centavos.

Among the gainers were SM Prime, up 80 centavos to p37.40, ICTSI, up p2.40 to p197.90, and URC, up by 80 centavos to p133, and Converge, up p1.85 to p32.

Jollibee went down by p8.80 to p235 while PLDT lost p19 to P1,686, and Globe was shaved by p118 to P3,282.

The initial apprehension on the Omicron variant had brought fear to the investment community until the bargain hunters, seeing oversold positions, bought into the market.

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