Share prices advance; Solar PH, Century gain

Share prices climbed Monday on better economic prospects for 2022 amid low COVID-19 cases in the country and a solid gross domestic product performance in the fourth quarter this year.

The Philippine Stock Exchange Index rose 72.94 points, or 1 percent, to 7,254.80 on a value turnover of P3.9 billion. Gainers edged losers, 87 to 83, with 51 issues unchanged.

Solar Philippines Nueva Ecija Corp., which is building what is being touted as the biggest solar farm in Southeast Asia, surged 20 percent to P1.38, while Wilcon Depot Inc. advanced 3.2 percent to P31.

Century Pacific Food Inc. of the Po Group, which just bought a leading canned sardines brand and Potato Corner, one of the leading food kiosk brands, increased 2.4 percent to P27.55. BDO Unibank  Inc., the largest lender in terms of assets, added 2 percent to P125.50

The rest of Asian shares dipped in thin holiday trade on Monday as fears lingered over the impact of the Omicron coronavirus variant.

The highly transmissible strain has sent new cases skyrocketing across the globe, with countries reviving lockdowns, major sports leagues canceling fixtures, and cruise ships returning to port with COVID-infected passengers.

Even in China, where a “zero-COVID” strategy has largely kept infections in check, officials recorded 206 new infections Sunday—a count tiny by worldwide standards, but the country’s biggest such figure in 21 months.

Tokyo fell 0.4 percent, while Shanghai and Seoul also ended lower. Hong Kong and Sydney were closed for a holiday.

“Concerns about Omicron weighed on the market,” said Toshikazu Horiuchi, a broker at IwaiCosmo Securities.

And senior strategist Yoshihiro Ito of Okasan Online Securities warned that “the sense of caution over the spread of infections (due to Omicron) remains strong”.

“The market also lacked strength, with the number of investors limited due to the year-end holiday,” Horiuchi told AFP.

On Friday before the Christmas break, markets wavered in similarly subdued trade.

A day earlier on Wall Street, the S&P 500 ended the last session before the long holiday weekend at a fresh record following a raft of mostly decent US economic data.

And a study released Sunday showed US consumers were in the mood to spend over the holiday season, with retail sales soaring 8.5 percent over last year.

Online sales were up 11 percent and in-store sales up 8.1 percent between November 1 and Christmas Eve, according to the Mastercard SpendingPulse study.

“Consumers splurged throughout the season,” said Steve Sadove, senior advisor for Mastercard and former CEO of Saks Incorporated. With AFP