PSEi opens Tuesday down 1.89% amid regional selloff, Eleksyon 2022 unofficial results

Philippine share prices opened the trading week on a negative note, following the sell-off recorded in most of the markets in the region and the release of partial unofficial results of the national polls.

The local stock barometer opened Tuesday at 6,632.35, reflecting a decline of 127.55 points or 1.89%.

The Philippine Stock Exchange index is currently down by 144.46 points or 2.14% at 6,615.44 as of 10:12 a.m. All indices are also red, with the mining and oil index posting the steepest decline, down 3.83%.

Analysts attributed the drop to a mix of factors, including the decline in regional markets.

“With majority of the regional markets down, the local market followed on possible global recession due to surging inflation as Europe plans to cut off imports on Russia’s oil and gas,” Aniceto Pangan, equities trader at Diversified Securities Inc., said in a mobile message.

“Also, fears of uncertainties weighed down on the market with Marcos’ huge lead in the Comelec’s presidential unofficial and partial returns,” he continued.

READ: Economy could get worse under Bongbong, think tank says; Marcos camp cites economic agenda

Based on the partial and unofficial results of the national elections with 96.55%, Ferdinand “Bongbong” Marcos Jr. was leading with 30.643 million votes, followed by Vice President Maria Leonor “Leni” Robredo with 14.620 million votes.

Diversified’s Pangan was echoed by Regina Capital Development Corp. Head of Sales Luis Limlingan, who noted that the market movement was in line with regional markets.

“If there is any softness in the market today, it will be mostly because of sell-off in the US last night,” Limlingan said in a separate mobile message.

“For now I think the more pressing concern is an orderly and peaceful election and the subsequent turnover. Afterwards, my guess is they will review who will fill the respective cabinet positions, the first 100 days, and the SONA before making any decisions,” he elaborated.—AOL, GMA News