Stocks continue decline amid omicron fears

Published November 29, 2021, 4:01 PM

by James A. Loyola

The local stock market opened the week in the red as bearish sentiment takes over after more countries close their borders amid fear of the omicron variant of the SARS-COV2 virus.

The main index dropped 77.56 points or 1.07 percent to close at 7,200.88 with heavyweight Industrial and Holding Firms leading the retreat although the Services counter managed to advance.

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Volume jumped to 2 billion shares worth P28.02 billion as losers trounced gainers 150 to 57 with 45 unchanged.

“Philippine shares plunged to end the month of November as the new COVID-19 variant found in South Africa triggered a global shift away from risk assets,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, fear of omicron pushed the Dow Jones Industrial Average down 905.04 points, or 2.53 percent for its worst day of the year, the S&P 500 lost 2.27 percent while the Nasdaq Composite slipped 2.23 percent. The Dow was down more than 1,000 points at session lows.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse extended its decline to a third straight day as pessimism took over the market this Monday amid renewed COVID-19 fears.”

“This comes as the Omicron variant gets detected in more countries over the weekend raising worries over its possible spread throughout the world and its adverse effects on the global economy,” he explained.

 
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