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Manila Bulletin devider Business devider The Stock Market devider Stocks fall as Trump leads

Stocks fall as Trump leads

Published Nov 6, 2024 08:21 am

The local stock market fell due to a possible Trump win in the US elections.

The main index lost 92.52 points or 1.27 percent to close at 7,165.42 with the retreat led by the Property sector. Volume dipped to 1.33 billion shares worth P4.58 billion as losers beat gainers 105 to 83 with 49 unchanged.

“Philippine shares were sold as investors anxiously awaited the final results of the US election, with only a few battleground states left for contention before market closed,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that “traders also watching Congress's potential impact on spending and tax policy. Investors are additionally awaiting the Federal Reserve's rate decision on Thursday and Chair Powell's policy outlook.”

Chinabank Capital Corporation Managing Director Juan Paolo Colet said “the benchmark index fell as investors reacted to US election results pointing to a significant victory for Donald J. Trump and the Republican Party.”

“Foreign investors turned net sellers by more than P1 billion and many market participants turned cautious in the face of speculation on the economic policy impact of a second Trump Administration on emerging markets like the Philippines,” he noted.

Philstocks Financial Research Manager Japhet Tantiangco said “the local market dropped as investors traded cautiously while monitoring the US’ presidential elections."

“Investors are pricing in the possibility of a Trump presidency which is known to be heavily leaning towards protectionist policies that may have negative implications on the global economy. This is as early counts show Mr. Donald Trump taking the lead. The market was also weighed by the weakening of the local currency," he added.

Related Tags

Chinabank Capital Corporation Donald Trump Juan Paolo Colet Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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