Market firms up, gains 0.88%
The local stock barometer firmed up Thursday as Wall Street and regional markets recuperated from their initial shock that America has chosen Donald Trump—feared for his isolationist and protectionist views—as the new President.
The main-share Philippine Stock Exchange index recouped 62.83 points or 0.88 percent to close at 7,181.87 as the previous day’s sell-off attracted some bargain-hunters. Elsewhere in the region, markets were all up as investors decided to give Trump the benefit of the doubt, that he would espouse business-friendly policies.
In a research note, Citigroup said the initial shock of the US election results was remarkably short-lived.
Jaime Dimon, chair and CEO of JP Morgan Chase, said in an internal note to global employees that after going through one of the most contentious elections in memory, “I’m optimistic about America’s future and the role our company will continue to play as we help the nation address our challenges and move forward together.”
“Leaders from across the public, private and nonprofit sectors need to collaborate to find meaningful solutions that create economic growth and greater opportunity for all,” he added.
BPI Securities president Michaelangelo Oyson said that in the near term, markets might remain volatile with downside risk.
At the local market, all counters, led by services, rebounded. Value turnover for the day hits P7.2 billion.
There were 135 advancers that overwhelmed 56 decliners while 45 stocks were unchanged.
ICTSI bounced by 5.42 percent while Metrobank gained 4.18 percent. SM gained 2.06 percent while URC, AC, PLDT and GTCAP all rose by over 1 percent.
Century Properties—which sizzled on Wednesday due to its affiliation with Trump—lost 12.5 percent to profit-taking. —Doris Dumlao-Abadilla
