Philippine shares rallied on investor optimism for a Hillary Clinton win in the US presidential election.
The benchmark Philippine Stock Exchange index (PSEi) advanced 110.61 points or 1.54 percent to close at 7,307.80. The All Shares index gained 52.94 points or 1.23 percent to 4,364.22.
equities market was mainly driven by Clinton leading the US elections.
The “local market today finally turned to bargain-hunting” as voting in the US began, said Luis Limlingan, managing director at Regina Capital Development Corp. “A poll by Bloomberg shows that Clinton is leading by 3 points, while that of Fox News indicates a 4-point lead by Clinton,” he said.
Limlingan said if Clinton wins the presidential race, the local market will react positively, but he added, “we think the buy-up afterwards may be short-lived as the market will turn to economic events [later], such as the GDP data and the Fed rate hike.”
Most sectoral indices climbed, led by a 3.08 percent leap by the industrial sector.
PLDT and Globe Telecom were the only decliners among the top stocks. Active gainers included Universal Robina Corp., Metrobank, Pilipinas Shell Petroleum Corp., Aboitiz Equity Ventures Inc., and Global Ferronickel Holdings Inc.
Trade volume reached 3.708 billion shares, valued at P7.186 billion. Gainers outpaced losers, 119 versus 64, while 49 issues finished unchanged.
The previous trading day, the main PSEi eased 0.42 percent or 30.18 points to 7,197.19, while the All Shares index dipped 0.33 percent or 14.44 points to 4,311.28.