PHL shares up on Wall Street gains as election results wane

Philippine shares ended the morning trade at a record high, fueled by gains overnight on Wall Street, while the momentum from the midterm election results favoring bets of the Aquino administration started to wane. Miko Sayo, analyst at Nieves Securities Inc., said the market has factored in the partial, unofficial results of the midterm elections. "Medyo factored in na ng market 'yung unofficial results which favor the government," he told GMA News Online. "The market is reacting to the upswing in the US market," he added. The benchmark PSEi was up 65.19 points or 0.89 percent to 7,378.65 at the noon recess. An intraday high of 7,382.25 was recorded at 11:59 a.m. On Tuesday, the benchmark PSEi soared to its 30th all-time high of 7,313.46. Volume reached 2.16 billion, valued at P7.299 billion, during the morning session. Overnight on Wall Street, the Dow Jones industrial average gained 123.57 points, or 0.82 percent, to a record 15,215.25 at the close, according to Reuters. The Standard & Poor's 500 Index rose 16.57 points, or 1.01 percent, to end at a record 1,650.34. The Nasdaq Composite Index climbed 23.82 points, or 0.69 percent, to 3,462.61, its highest close since November 2000, Reuters said. US stocks rallied to fresh highs on Tuesday as investors picked up large-cap companies' shares on the expectations that central bank stimulus will help propel the rally further, Reuters reported. — VS, GMA News