PHL stocks surge to near 7,200 on election results

May 11, 2016 3:57 am 

By Leslie D. Venzon

MANILA, May 10 (PNA) — The local stock market rallied strongly on Tuesday after weeks of volatile trading, as investors cheered the country’s transparent and speedy election results.

The barometer Philippine Stock Exchange index (PSEi) surged 183.01 points or 2.62 percent to 7,174.88 from Friday’s 6,991.87 finish.

May 9, Monday, was declared a special non-working holiday amid the conduct of national and local elections.

“The benefits of the automated elections as well as quick results boosted shares and the local currency. It showed a clear mandate to the winner, Davao Mayor Duterte. This helped ease the fears,” said Banco de Oro chief market strategist Jonathan Ravelas.

Ravelas said Duterte’s clarity of his appointments to key posts, priorities of his administration and the timeline to achieve them would be keys to win both local and foreign investors.

Duterte has maintained his comfortable lead over his rivals for the presidency in a preliminary unofficial tally of election results.

In Tuesday’s trading, all counters rallied sharply, led by holding firms and property that gained 3.26 percent and 3.48 percent, respectively.

Volume of transactions reached 1.08 billion shares valued at Php8.78 billion.

Advancers swamped decliners, 133 to 50, while 47 issues unchanged. (PNA)

RMA/LDV

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