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Manila Bulletin devider Business devider Stocks fall further due to Omicron, Typhoone Odette

Stocks fall further due to Omicron, Typhoone Odette

Published Dec 21, 2021 05:25 pm

The local stock market market lost more ground as investors continue to worry over the rising COVID-19 numbers overseas and the damage caused by Typhoon Odette.

The main index dropped 70.55 points or 0.98 percent to close at 7,167.06 as Banks led the retreat across the board. Volume remained thin ag 955 million shares worth P6.86 billionaa losers beat gainers 106 to 75 with 56 unchanged.

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“Philippine shares continued to trade in the red as the Omicron-driven resurgence in COVID-19 cases pushed investors on edge,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, with the detection of the third case of omicron in the Philippines, the market succumbed to the bearish sentiment.

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said that, aside from COVID concerns, “Investors also priced in the local economic setbacks caused by Typhoon Odette in Tuesday’s session.”

He noted that, “Trading remained lethargic, showing that many investors are staying on the sidelines amid the uncertainties.”

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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