NextGen Day

On Wednesday, the Philippine Stock Exchange index (PSEi) rose as concerns about the coronavirus disease 2019 (Covid-19) Omicron strain faded, and the peso followed suit.

The main stock index increased 50.13 points, or 0.71 percent, to 7,091.40.

With a gain of 0.43 percent, or 16.27 points, to 3,794.17 points, All Shares trailed.

The majority of sectoral indexes climbed during the day, with Services increasing 1.26 percent, Financials rising 1.20 percent, Mining and Oil rising 0.76 percent, and Holding Firms climbing 0.65 percent.

The Property and Industrial indexes, on the other hand, moved sideways after a 0.05 percent and 0.04 percent fall, respectively.

“Philippine shares finished in the green as Omicron fears faded, with many pointing to milder symptoms than the Delta form and the likelihood of herd immunity,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

More research is needed to determine the distinction between Omicron and other variations, according to the World Health Organization (WHO).

Initial findings reveal that Omicron has lesser symptoms than the other versions, and that it affects the upper respiratory tract rather than the lungs, as the other variants do.

Covid-Local

In recent days, 19 reports suggest over 4,000 daily cases, up from a few hundreds in previous weeks.

On Wednesday, the number of new coronavirus infections in the country reached 10,775.

As more information about other cases caused by the Omicron variant becomes available, local health officials expect further increases in the coming days.

They did say, though, that Delta is still the most common variety in the country.

Meanwhile, the local currency finished the day at 50.96 against the dollar, up from 51.3 the day before.

It began trading at 51.2 and fluctuated between 50.89 and 51.33.

For the day, the average level was 51.108.

Volume was USD1.21 billion, down from USD1.22 billion the day before.

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