Philippine Stock Exchange

Market Wrap: PSEi tests 6,700 as Biden leads US election

Ralf Rivas
Market Wrap: PSEi tests 6,700 as Biden leads US election

Democratic presidential nominee Joe Biden speaks one day after Americans voted in the presidential election, in Wilmington, Delaware, on November 4, 2020. Biden spoke as votes are still being counted in his tight race against incumbent U.S. President Donald Trump which remains too close to call. Drew Angerer/Getty Images/AFP

AFP

The Philippine Stock Exchange index gains 2.8% on Thursday, November 5, marking a 4-day winning streak

The Philippine Stock Exchange index (PSEi) briefly touched the 6,700 level on Thursday, November 5, as Democrat Joe Biden edged ahead in the presidential election in the United States.

The PSEi closed at 6,644, gaining 2.8%, marking a 4-day winning streak, with most counters in the green.

This level was last seen in March before the coronavirus lockdowns were enforced. Almost all blue chips posted gains.

However, Rastine Mercado of Chinabank Securities noted that US President Donald Trump’s premature victory claim “adds” to uncertainties and may likely spur volatility in the days ahead.

“The tight election race in the US provides uncertainty for the market and may lead to abrupt market movement, as was the case in the 2016 US elections,” Mercado said.

As of Thursday, 7:30 pm Manila time, Biden led with 264 electoral college votes, while Trump had 214. It is a race to the magic number of 270, with counting still ongoing in remaining battleground states.

Over on Wall Street, markets continued their rally, with the S&P 500 and Nasdaq gaining 2% and 1%, respectively.

More than 5 billion shares valued at P10.2 billion changed hands in the Philippine bourse. 

Advancers led decliners, 128 to 73, and 53 stocks were unchanged.

More foreign investors returned, with net foreign buying hitting P623 million. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.