Philippine shares rally as market awaits US polls outcome

Philippine share prices rallied on Wednesday amid high hopes on the outcome of the US elections.

The bellwether PSEi gained 128.49 points or 2.03% to 6,464.05 at the closing bell. The broader All Shares increased by 59.14 points or 1.56% to 3,848.61.

“Philippine shares jumped as investors hoped a clear winner would emerge from the US presidential election and a delayed, or contested, result would be avoided,” Regina Capital head of sales Luis Limlingan said.

The world awaits the outcome of the elections, with both incumbent President Donald Trump and democrat Joe Biden predicting a victory.

Trump said he would go to the Supreme Court to dispute the counting of votes, despite the final not being given yet. 

“The index closed at 6,464.05 due to the volatility in the global markets as the world awaits the outcome of the US elections,” Unicapital Securities equity analyst Christopher San Pedro said.

More than 2.344 billion shares valued at P7.245 billion, changed hands. Advancers led decliners, 135 to 73, and 46 issues were unchanged. — RSJ, GMA News