NextGen Day

The Philippine Stock Exchange index (PSEi) fell below 7,000 points at the beginning of the month, as investors worried about the prospective effects of the Omicron version.

The PSEi fell 253.82 points, or 3.53 percent, to 6,947.06 on Wednesday.

The Dow Jones Industrial Average fell 103.75 points, or 2.70 percent, to 3,734.38.

“Omicron worries continue to reign supreme in market sentiment,” Regina Capital Development Corp. managing director Luis Limlingan said.

PSEi also tracked regional stocks, which fell throughout today’s trading, with decreases led by shares of airlines, cruise lines, and hotel industries, which are “thought to be among of the most vulnerable to virus-related disruptions,” according to Limlingan.

Despite the vaccination, investors are concerned about the Omicron version, as Moderna has stated that Covid-19 vaccines are unlikely to be as effective against it as they have been against the Delta type.

“In addition, investors reacted to Fed Chair Powell’s recent remarks before the Senate Banking Committee, in which Powell stated the central bank could speed up its tapering process to conclude sooner than previously telegraphed in the face of increased inflationary pressures,” Limlingan added.

All of the PSEi’s sectors closed in the red, with Industrial losing the most ground, falling 246.72 points, or 2.36 percent, to 10,193.03.

Holding Firms fell 226.17 points, or 3.26 percent, to 6,706.67; Mining and Oil fell 185.19 points, or 1.96 percent, to 9,255.37; Property fell 165.26 points, or 5.01 percent, to 3,131.87; Services fell 73.71 points, or 3.71 percent, to 1,912.77; and Financials fell 37.12 points, or 2.37 percent, to 1,532.73.

Meanwhile, the Philippine peso finished the day at 50.34 to the dollar, down from 50.36 the day before.

On November 30, a holiday, there was no trading.

It began the day at 50.36 and traded between a low of 50.32 and a high of 50.46, resulting in a weighted average of 50.40 to a dollar for the day.

On Wednesday, the total volume traded was USD1.03 billion.

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