The Philippine Stock Exchange index (PSEi) was down 109.41 points to 7,132.58, a 1.51 percent drop.
The broader all shares index was down 59.1 points to 3,782.59, a 1.54 percent drop.
Losers edged gainers 142 to 58 with 54 stocks unchanged. Trading turnover reached P11.35 billion.
The peso closed at 50.27 to the dollar, up from 50.35 on Tuesday.
The currency opened at 50.32, and hit a high of 50.27 and a low of 50.36. Trading turnover reached $650.8 million.
The peso fell a day before the Bangko Sentral ng Pilipinas monetary policy meeting where it is likely to leave rates untouched.
Luis Limlingan, managing director at Regina Capital and Development Corp., said many are “anxious” as the Federal Reserve kick off its two-day policy meeting. Limlingan said the meeting is expected to end with the central bank signaling a faster winddown of its bond-buying program.
The market also dropped due to panic-selling “as the country logged its first cases of the Omicron variant.”
“Investors are now speculating as to whether the cases will be contained, and if the government will adhere to stricter measures to protect from cases increasing,” he said.
Monde Nissin Corp. was down P0.50 to P15.60. PLDT Inc. was up P14 to P1,722. BDO Unibank Inc. was steady at P127. SM Prime Holdings Inc. was down P1.25 to P34.25. AC Energy Corp. was down P0.30 to P10.30. Ayala Land Inc. was down P0.15 to P35.85.
International Container Terminal Services Inc. was down P1.90 to P193.60. Ayala Corp. was down P19.50 to P855.50. MREIT Inc. was up P0.02 to P18.34. Synergy Grid and Dev’t. Philippines Inc. was down P0.68 to P13.04.
