Stocks plunge on renewed Covid fears (Sabong News)
Author
James A. Loyola
Date
APRIL 29 2022
The local stock market fell on the last trading day of the month over concern on the detection of the new Omicron variant in the country.
The PSEi dove by 178.20 points or 2.58 percent to close at 6,731.25 as the Property counter led the retreat of all sectors. Volume rose yo 840 million shares worth P7.92 billion as losers beat gainers 122 to 64 with 46 unchanged.
“The local bourse plunged amid growing fears over the possible surge of Covid-19 cases once again which may force the government to revert the strict lockdown measures, particularly in Metro Manila,” said Philstocks Financial Research and Engagement Officer Claire Alviar.
She noted that, “The detection of the sub-variant of Omicron in the country, along with the activities during the campaign period has increased the possibility for the Covid-19 cases to surge.”
“Aside from that, investors are also worried about inflation, while waiting for the upcoming elections,” Alviar added.
Regina Capital Development Corporation Managing Director Luis Limlingan said “Investors sold off to close the month of April as they shifted their focus to the upbeat US earnings report from Meta Platforms, shrugging earnings disappointments from Amazon and Apple as well as the unexpected decline in U.S. first quarter GDP by 1.4 percent.”
