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Home Business Stocks

Market wary of new COVID-19 strain

Jenniffer B. AustriabyJenniffer B. Austria
November 28, 2021, 7:50 pm
in Stocks
Reading Time: 2 mins read
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Shares prices are expected to consolidate this week as financial markets are gripped by fears of the possible negative effects of a new coronavirus strain on the recovery of global economy.

Analysts said investors were concerned the discovery of a new strain from South Africa, named Omicron, might result in renewed mobility restrictions and lockdowns, which could unravel economic gains.

The World Health Organization last week said the variant has a large number of mutations and that preliminary evidence suggests it may be more infectious than other variants.

“Fears of a new virus strain that was discovered in Southern Africa is causing a wave of caution across global markets,” BDO Unibank Inc. chief investment strategist Jonathan Ravelas said.

The anxiety will provide investors an opportunity to lock in on previous gains.

“Expect the market to consolidate within the 7,200-7,400 levels in the near-term. A break below the 7,200 level will signal a near-term top is in place at 7,475.75 and may see further losses towards the 7,000 levels,” he added.

The Philippine Stoxk Exchange Index last week ended nearly flat a 7,278, while the broader All Shares Index slipped 0.2 percent to 3,871.

Mining, oil holding firms and financials registered week-on-week gains of 1.9 percent, 0.5 precent and 0.4 percent, respectively.

The industrials index declined 0.8 percent while property and services fell 0.3 and 0.2 percent, respectively.

Foreign investors were net sellers for the week by P737 million, while the average daily value traded reached P10.9 billion from the previous week’s average of P8.8 billion.

Weekly top price gainers were Union Bank of the Philippines which advanced by 13 percent to P107.50; Wilcon Depot Inc., which climbed 3.6 percent to P31.10; and Semirara Mining and Power Corp., which rose 3.6 percent to P23.

Weekly top price losers were Megawide Construction Corp., which declined 9.8 percent to P5.40; Petron Corp., which dropped 4.8 percent to P3.33; and Megaworld Corp., which shed 4.8 percent to P3.14.

Global stock markets and oil prices, meanwhile, plunged Friday over fears of a new coronavirus variant that scientists warn could be more infectious than the Delta strain and more resistant to vaccines, potentially dealing a heavy blow to the global economic recovery. With AFP

The Dow saw its worst drop of the year as Wall Street indices plunged and the dollar floundered, while haven investments such as the yen and Swiss franc rallied.

The carnage included a 2.5 percent loss for the Dow in a session of shortened hours following the Thursday Thanksgiving holiday.

“It’s a single-track market today,” said Ross Mayfield, investment strategy analyst at Baird, pointing to fears that the new variant could be worse than the Delta strain, which slowed US growth and hiring in the third quarter.

“I think the market’s reaction to the level of uncertainty being faced right now, especially near all-time highs before this, probably makes some sense,” he said.   

US crude oil prices tumbled   more than 13 percent and the main international contract lost nearly 12   percent, which CMC Markets analyst Michael Hewson attributed to “concerns that this new mutation could add to the pressure on demand.” With AFP

Tags: COVID-19 variantglobal stock marketOmicronPhilippine Stock Exchange IndexPhilippine Stock MarketPSEPSEiStock Market
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Jenniffer B. Austria

Jenniffer B. Austria

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