PSEi up 2.03%, back to 6,400

The local stock barometer rallied back to the 6,400 level on Wednesday, tracking upbeat regional markets as investors awaited the results of a tight race for the US presidency.

The main-share Philippine Stock Exchange index (PSEi) racked up 128.49 points or 2.03 percent to close at 6,464.05.

Luis Gerardo Limlingan, managing director at Regina Capital Development, said local stocks had risen as “investors hoped a clear winner would emerge from the US presidential election and a delayed, or contested, result would be avoided.”

The outcome of the presidential race between incumbent Donald Trump and challenger Joe Biden has far-reaching implications to global markets, especially on matters relating to fiscal stimulus and trade dynamics with China.

All counters ended higher, led by the holding firm, mining/oil and property counters, which all advanced by over 2 percent.

The financial and industrial counters both rose by over 1 percent, while the services counter gains about 1 percent.

There were 135 advancers that outnumbered 73 decliners, while 46 stocks were unchanged.

Domestic hands kept the market afloat as there was P431.5 million in net foreign selling for the day.

Bloomberry rose 7 percent on news that Philippine Amusement and Gaming Corp. has approved the application of Solaire and other casino operators to accept bets online.

Jollibee gains 6 percent as the reopening of key regions would benefit its restaurant chain.

Metrobank rose by 5 percent, while JG Summit added 4.29 percent. —DORIS DUMLAO-ABADILLA