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Manila Bulletin devider Business devider Typhoon damage dampens stock investors' sentiment

Typhoon damage dampens stock investors' sentiment

Published Dec 22, 2021 04:38 pm

The local stock market dropped for the third day this week as the gravity of the last typhoon’s damage becomes more apparent.

The PSEi lost 47.87 points or 0.67 percent to close at 7,119.19 as Holding Firms fell while the Industrial and Mining and Oil counters advanced. Volume dipped to 1.61 billion shares worth P6.03 billion as gainers managed to edge out losers 86 to 83 while 69 remained unchanged.

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“Philippine shares ended lower as investor started to take profit ahead of the Holidays while other continued to assess the damage brought about by typhoon Odette,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Conversely, US stocks closed solidly higher on Wall Street Tuesday, more than regaining the ground they had lost a day earlier.“

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The agricultural and infrastructure damages together with the other disruptions the typhoon has caused in the Visayas and Mindanao area is seen to weigh on the local economy’s recovery.”

He added that, “Omicron variant worries are also seen to still weigh on sentiment.”

Related Tags

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