Anxious stock market starts week with Omicron posing a threat | Inquirer Business

Anxious stock market starts week with Omicron posing a threat

/ 04:08 AM November 29, 2021

A new coronavirus variant first detected in South Africa, considered a “variant of concern” by the World Health Organization (WHO), was expected to weigh on local equities this week after a global selloff on Friday.

“US markets and oil tumbled [Friday] night so there could still be continued selling when trading resumes,” Luis Gerardo Limlingan, managing director at Regina Capital Development, told the Inquirer.


The WHO said it was monitoring the variant, dubbed Omicron, given its large number of mutations that could make it more resistant to vaccines.

The benchmark Philippine Stock Exchange Index (PSEi) on Friday sank 1.23 percent to 7,278.44. The measure dropped 0.03 percent for the whole week.


BDO Unibank Inc. chief strategist Jonathan Ravelas said the key level to watch was 7,200 since a break below this threshold would signal a “near-term top was in place at 7,475.75 (Nov. 10 high) and may see further losses toward the 7,000 levels.”

For now, Ravelas expects the PSEi to consolidate within the 7,200 to 7,400 levels.

Limlingan said investors would also focus on the MSCI rebalancing ahead of the final implementation of changes on Nov. 30.

MSCI earlier announced it would add AC Energy Corp. and Monde Nissin Corp. to its MSCI Global Standard Indexes. For the MSCI Global Small Cap Indexes, it will add AREIT Inc., Filinvest REIT Corp. and LT Group Inc. and remove AC Energy and Double Dragon Properties.

—Miguel R. Camus INQ
Read Next
Don't miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, Philippine Stock Exchange index (PSEi), Stock
For feedback, complaints, or inquiries, contact us.

Curated business news

By providing an email address. I agree to the Terms of Use and
acknowledge that I have read the Privacy Policy.

© Copyright 1997-2022 | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.