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Manila Bulletin devider Business devider Stocks surge at start of US polls

Stocks surge at start of US polls

Published Nov 4, 2020 05:00 pm

The local stock market surged at the start of the US elections as investors look forward to an end in the guessing game over who will lead the world’s most influential economy in the next four years.

The PSEi rose 128.49 points or 2.03 percent to close at 6,464.05 as share prices rose across the board.

Volume was higher at 2.34 billion shares worth P7.25 billion as there were almost twice as many gainers at 135 to 73 losers while 46 were steady.

“Philippine shares jumped on Tuesday as investors hoped a clear winner would emerge from the U.S. presidential election and a delayed, or contested, result would be avoided,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

Philstocks Financial Research Analyst Claire Alviar said “The local market surged following the overnight rally of the US markets with DJIA jumping more than 500 points as investors await the election results in the US.
Asian markets were also in the green.”

“At home, growth in export and contraction slowdown of import have also spurred positive sentiment. It may imply that domestic demand is slowly picking up again,” she added. (JAL)

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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