Stocks fall as COVID cases rise

Published January 7, 2022, 4:01 PM

by James A. Loyola

The local stock market fell as investors fret over rising COVID-19 cases and as more areas are put under more stringent quarantine measures.

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The main index dropped 74.41 points or 1.05 percent to close at 7,011.11 as the Property sector led the retreat across the board. Volume remained thin at 647 million shares worth P5.85 billion as losers swamped gainers 136 to 51 with 46 unchanged.

“Philippine shares fell once again to end a day of choppy trading, following the massive tech sell-off in the previous session and the increase in the number of COVID cases,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “seeing an uptick in COVID-19 cases in the country, the IATF placed 14 more cities and provinces under Alert Level 3 from Jan. 9 to Jan. 15.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “the local bourse extended its decline as the country’s COVID-19 situation continues to worsen.”

He also said that “sentiment was dented by the surge in infections with yesterday’s new cases reaching 17,220, the detection of 29 more cases in the country with the Omicron variant, and the placing of more areas in the country under Alert Level 3 status.”

 
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