Stocks cheer as Omicron begins to wane

The benchmark Philippine Stock Exchange Index (PSEi) rebounded on Tuesday after Health Secretary Francisco Duque III raised the possibility of lowering the coronavirus alert level in Metro Manila due to falling infection rates.

By the closing bell, the PSEi rose 0.49 percent, or 35.57 points to 7,288.21 while the broader all-shares index added 0.44 percent, or 16.97 points, to 3,864.48.

The market cheered the possibility of more relaxed COVID-19 restrictions, which would boost prospects for economic recovery.

The Inter-Agency Task Force for the Management of Emerging Infectious Diseases will meet on Thursday to discuss the alert levels placed in the country starting in February.

Wall Street also reversed losses overnight to end higher while investors awaited further details on the US Federal Reserve’s plan to raise interest rates. The Philippine government is also set to release fourth quarter growth numbers on Thursday.

PSE subsectors closed mostly higher on Tuesday, save for mining and oil and financials, which dropped 0.98 percent and 0.02 percent, respectively.

Industrial and services jumped 1.02 percent and 0.73 percent while property and holding firms rose 0.63 percent and 0.31 percent.

A total of 1.26 billion shares valued at P6.28 billion were traded on the PSE as foreign selling hit a net amount of P722.43 million. There were 96 losers against 82 advancers while 52 companies closed unchanged, PSE data showed.

Solar Philippines Nueva Ecija Corp. was the biggest mover on Tuesday as it continued its winning streak with another 3.06 percent gain to P2.02 per share.

It was followed by SM Prime Holdings Inc., up 1.89 percent to P35.05; Ayala Land Inc., down 1 percent to P34.75; Monde Nissin Corp., up 0.96 percent to P16.80; and Globe Telecom Inc., down 0.80 percent to P3,234 per share. INQ