Stocks rebound as Omicron surge eases

The benchmark Philippine Stock Exchange Index (PSEi) saw a rebound on Tuesday as billionaire Enrique Razon Jr.’s International Container Terminal Services Inc. (ICTSI) rallied toward a recent record high.

The PSEi ended the session higher by 1.06 percent, or 77.93 points, to 7,458.23 while the broader all-shares index added 0.76 percent, or 29.57 points, to 3,929.18.

Large holding firms and services were among the big winners on Tuesday. ICTSI jumped 5.68 percent to P216 on recovering global trade. It recently touched a 52-week high of P220 last Feb. 4.

The weakening postholiday COVID-19 surge also lifted sentiments. A day before, London-based Capital Economics said the Omicron coronavirus variant would “prove only a small stumbling block, and that the recovery will get back on track soon.”

The financial subsector was the lone loser on Tuesday, shedding 0.08 percent. Holding firms gained 1.52 percent, followed by services, up 1.43 percent; industrials, up 1.09 percent; mining and oil, up 1.02 percent; and property, up 0.59 percent.

A total of 1.07 billion shares value at nearly P7 billion were traded on PSE while foreigners were net buyers to the tune of P191.24 million.

There were 166 advancers against 77 losers while 51 companies closed unchanged.

Bank of the Philippine Islands, down 0.10 percent to P101.90 per share, was the most actively traded stock on Tuesday. INQ