Stock market investors are expected to remain on the sidelines this week awaiting the results of the Philippines’ general election, but analysts suggested external factors such as the persistent strength of the Japanese yen and speculations of a US rate hike would still have more of an impact on the market than local political developments.

Hans Sicat, president and chief executive officer of the local bourse, downplayed the possible effects of the election, saying that the domestic stock market’s volatility at present has little to do with the popularity of presidential frontrunner Rodrigo Duterte.

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