PSEi rides on Wall Street surge following Omicron debacle

The benchmark Philippine Stock Exchange index (PSEi) continued to recover lost ground on Friday, bolstered by the strong rebound in Wall Street overnight despite lingering worries over the Omicron variant.

By the closing bell, the PSEi gained 0.32 percent, or 22.65 points, to 7,055.19 while the broader all-shares index rose 0.47 percent, or 17.70 points, to 3,790.20.

US indices were up sharply after a selloff the previous night even as another case of Omicron was detected on Thursday.

World Health Organization Regional Director for the Western Pacific Dr. Takeshi Kasa said border closures could buy time and delay the spread of the virus but countries should brace for new surges. “The positive news in all of this is that none of the information we have currently about Omicron suggests we need to change the directions of our response,” he explained.

PSE subsectors closed mixed ahead of the weekend break, with financials, services and property ending higher while mining and oil, holding firms and industrial stocks sank.

Foreigners remained net sellers to the tune of P181.6 million, although significantly less compared to the past two sessions.

Advancers outpace decliners

Data from the PSE showed 1.3 billion shares valued at P6.97 billion changing hands.

Advancers outpaced decliners, 131 to 65, while 38 companies closed unchanged. SM Prime Holdings Inc. was the most actively traded stock as it gained 3.17 percent to P35.80 per share.

It was followed by Monde Nissin Corp., down 0.24 percent to P16.72; BDO Unibank Inc., up 0.59 percent to P120; International Container Terminal Services Inc., down 2.07 percent to P194; and Globe Telecom, up 3.14 percent to P3,280.

Other active stocks were Ayala Land Inc., up 1.47 percent to P34.50; PLDT Inc., up 0.62 percent to P1,625; Jollibee Foods Corp., down 0.54 percent to P223; Universal Robina Corp., down 0.23 percent to P130; and Ayala Corp., down 0.48 percent to P824 per share.