The benchmark Philippine Stock Exchange Index (PSEi) dropped over 100 points on Wednesday as fears over the Omicron variant returned after the first two cases were detected in the country.
The PSEi sank 1.51 percent, or 109.41 points, to 7,132.58 while the broader all-shares index dropped 1.54 percent, or 59.10 points, to 3,782.59.
The Department of Health on Wednesday confirmed two travelers who recently arrived from Japan and Nigeria tested positive for the Omicron variant of the virus causing COVID-19.
The government said the patients were currently isolated in a facility being managed by the Bureau of Quarantine while close contacts were being identified.
The arrival of Omicron in the Philippines was enough to spook the market, triggering a wave of selling that dragged all PSE subsectors lower.
Property stocks suffered the most with the subindex falling 2.34 percent, followed by holding firms, down 1.45 percent, and mining and oil, down 1.35 percent.
Foreign buying helped stop bigger losses as overseas investors purchased a net amount of P237.63 million.
A total of 1.33 billion shares valued at P11.35 billion changed hands on Wednesday, data from the PSE showed. There were 142 losers against 58 gainers while 54 companies closed unchanged.
Leading the list of actively traded stocks was Monde Nissin Corp., which tumbled 3.11 percent to P15.60 per share.
It was followed by PLDT Inc., up 0.82 percent; BDO Unibank Inc., flat at P127; SM Prime Holdings Inc., down 3.52 percent to P34.25; and AC Energy Corp., down 2.83 percent to P10.30 per share.