Philippine stocks highest in 9 months after 'peaceful' elections

Philippine stocks highest in 9 months after 'peaceful' elections

MANILA, Philippines – Philippine stocks on Wednesday, May 11, posted their highest close since August 2015, as investors cheered on the generally peaceful and orderly elections that saw presumptive president Rodrigo Duterte emerge on top. (READ: Businessmen bare reforms, Cabinet wish list for Duterte)

Two days after the country's elections, the Philippine Stock Exchange index (PSEi) gained 221 points or 3.09% to close at 7,369.52. All Shares also surged by 116.07 points or 2.72% to 4,388.31. (READ: Is Duterte good for business?)

"The benefits of the automated elections as well as quick results boosted the stock market and the local currency these past two days. It showed a clear mandate to the winner, Davao Mayor Duterte," Jonathan Ravelas, market strategist at BDO Unibank, said in a text message.
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