Philippine shares rally as US Congress certifies Biden win

Philippines shares rallied on Friday as investors took their cue from the confirmation of Democrat Joe Biden’s victory as the next president of the United States.

The benchmark PSEi gained 170.27 points or 2.39% to 7,289.88 at the closing bell. The broader All Shares increased by 82.78 points or 1.94% to 4,354.27.

“Philippine shares surged after Congress confirmed President-elect Joe Biden’s election win, offering the prospect of more financial aid for consumers and businesses coping with the coronavirus pandemic,” explained Regina Capital Development head of sales Luis Limlingan.

The US Congress confirmed Biden’s win as US president on Thursday after a mob supporting outgoing President Donald Trump stormed the Capitol in an attempt to overturn the November 3 presidential election results.

“The general sentiment improved as investors took cues from markets abroad. US indexes continue to hit new all-time highs, showing investor confidence despite the recent political upheaval,” AAA Equities head of research Chris Mangun said.

More than 25.127 billion shares valued at P11.056 billion changed hands. Advancers led decliners, 141 to 74, and 48 issues were unchanged. — DVM, GMA News