PSEi up 2.6% as election results erase uncertainty

The losses posted earlier on the Philippine Stock Exchange were erased by the time the closing bell rang Tuesday afternoon, as the market absorbed a "clear winner" in the May 9 elections.

"There is now a clear indication as to who will be the next President, with Mar Roxas and Grace Poe conceding," said Justino B. Calaycay Jr., head of Marketing and Research at A&A Securities Inc.

"That's one less uncertainty, as that uncertainty has already been removed," Calaycay noted.

The main PSEi gained 183.01 points or 2.62 percent to close at 7,174.88. The broader All Shares gained 109.18 points or 2.62 percent at 4,272.24

More than 1.081 billion shares, valued at P8.785 billion, changed hands. Winners led losers, 133 to 50, and 47 issues were unchanged.

As of 03:30 p.m., Davao City Mayor Rodrigo Duterte way ahead of his rivals in the presidential race with 15,482,691 votes, according to partial and unofficial results from the transparency server of the Commission on Elections.

His closest rival, Manuel "Mar" Roxas II garnered 9,354,897 votes.

"There were a lot of allegations regarding possible cheating... All of these have been proven to be false, because we have a clear winner, 5 to 6  million votes ahead," Calaycay said.

"The two main protagonists already conceded – that has removed one potential source of volatility in the market... Nothing has changed in so far as the Philippine economy is concerned. There was just a dark cloud, so far that cloud has been erased," Calaycay emphasized.

Roxas and Senator Grace Poe on Tuesday conceded to Duterte.

The market was down earlier in the day as investors were still waiting for a clearer result of the national and local elections.

Calaycay said investors are now waiting for a clear indication of Duterte's economic platform.

"The market may move a bit sideways with a wait and see attitude until then," he added. – VDS, GMA News