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Roundup: Philippine bourse close higher after election

Xinhua, May 10, 2016 Adjust font size:

The Philippine stock market opened the week with so much optimism, a day after the entire country trooped the polling booths to elect the country's next set of leaders.

The bellwether Philippine Stock Exchange index jumped by 2.62 percent or 183.01 points to 7,174.88, while the broader all-share index added by 2.62 percent or 109.18 points to 4,272.24.

Trading volume reached 1.08 billion shares worth 8.79 billion Philippine pesos (186.04 million U.S. dollars) with 133 stocks advancing, 50 declining, and 47 were unchanged.

All six counters were up, led by the property sector.

"After nearly two weeks of being enveloped by the election fever, the emerging results should remove one uncertainty that has been shadowing sentiments," analyst Justino Calaycay of A&A Securities, Inc. said in his daily stock market comment.

Unofficial results showed Davao Mayor Rodrigo Duterte leading the presidential race.

"Whether Mr. Duterte will enjoy the traditional 'honeymoon' period remains to be seen. But history is filled with evidence there will be," Calaycay said.

Stocks in the 30-company index all finished in the green. These include SM Prime Holdings, Inc., Ayala Land, Inc., and Globe Telecom, Inc. Endit