PSEi bleeds over 1% on Omicron concerns

Philippine share prices plummeted by over 1% on Monday, as investors were spooked by the detection of yet another more transmissible coronavirus variant.

The main PSEi gained 77.56 points or 1.07% to close at 7,200.88 at the closing bell. the broader All Shares jumped by 33.26 points or 0.86% to 3,838.13.

According to Regina Capital Development Corp. head of sales Luis Limlingan, Monday's plunge was due to concerns involving the Omicron coronavirus variant first detected in South Africa.

“Philippine shares plunged to end the month of November as the new COVID-19 variant found in South Africa triggered a global shift away from risk assets,” he said in a mobile message.

“Heading into the week, COVID-19 developments are expected to rule the market once again in light of the Omicron variant,” he added.

The World Health Organization (WHO) has classified the Omicron as a variant of concern

The origin of the variant is currently unclear, but South African scientists were the first to announce the discovery on November 25.

The Philippines has placed several countries under the Red List until December 15, in efforts to prevent the spread of the variant.

The government said inbound international travel of anyone from these red list countries within the last 14 days prior to arrival in the Philippines are not allowed regardless of vaccination status.

More than 1.997 billion shares, valued at P28.020 billion, changed hands. Decliners led advancers, 150 to 57, and 45 issues were unchanged. —KBK, GMA News