Stocks up on Wall Street rally, US election hopes

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Credit: Read the original article from Manila Times.

This Nov. 4, 2020 file photo shows traders wearing face masks working beside an electronic board showing market summaries at the Philippine Stock Exchange in Bonifacio Global City, Taguig City. AP PHOTO

Wall Street’s latest gains and growing anticipation of the outcome of the US presidential election helped local stocks again end higher on Friday.

The Philippine Stock Exchange index (PSEi) inched up by 0.62 percent or 40.92 points to close at 6,685.69 while the wider All Shares gained 0.65 percent or 25.41 points to finish at 3,944.72.

Philstocks Financial Inc. research associate Claire Alviar said the bourse extended its rally after taking its cue from US markets.

The Dow Jones, S&P 500 and Nasdaq all closed in the green, climbing by 1.95 percent, 1.95 percent and 2.59 percent, respectively.

The continued release of companies’ third-quarter corporate earnings also fueled positive sentiment, she said, but noted that those for the first nine months “are still dismal.”

Still, she added, “what investors are looking into right now is the [economic] recovery hopes.”

Regina Capital Development Corp. Managing Director Luis Limlingan said the stock market continued to rise as investors await the results of the race for the White House.

“Investors in the Philippine market continued the buying momentum on hopes the winner of the US presidential election would soon be determined, with shares of major index names leading the gains,” he said.

As of Friday afternoon, US President Donald Trump continues to trail behind his Democratic challenger, Joe Biden, who currently has 253 electoral votes against the businessman-turned-politician’s 213. The first to reach 270 wins the US presidency.

Of the five so-called battleground US states, the former vice president leads the vote count in three: Arizona, which has 11 votes up for grabs; Nevada, 6; and Georgia, 16.

Most local sectors rose, with services gaining the most at 2.21 percent. Financials declined by 1.007 percent.

Total volume turnover was at 4.08 billion shares, valued at P10.08 billion.

Winners outpaced losers, 109 to 92, while 57 securities were unchanged.

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