The Philippine Stock Exchange or the Manila Stock Market rises after as it ganed 2.6 percent higher after a volatile day as Mayor Rody Duterte claimed victory as the newest President of the Republic of the Philippines. The Davao City Mayor stormed to victory with a landslide in Monday’s national election.
During the past few days, the Philippine shares had fallen more than five percent over the past six weeks as Mayor Duterte looked set to victory and the local Philippine peso currency rose 0.7 percent against the dollar.
According to Smith Chua, chief investment officer for the asset management and trust arm of the Bank of the Philippine Islands in Manila (BPI) said that “There will be a honeymoon period moving forward as investors give Duterte the benefit of the doubt,” he said.
During the past few days before the election day on May 9, 2016, various news media organizations in the Philippines reported that the Philippine stock market loses due to the uncertainty of a possible Duterte presidency but based upon international stock markets reports, the downfall of Philippine stocks was due to international problems and not due to Mayor Duterte’s possible ascension to be the next president of the Republic.
In the international stock market, Japanese stocks advanced for a second as the dollar made up more ground against the yen after Friday’s US jobs report. Japanese officials continued to try to talk down the currency with Japan finance meinister Taro Aso reporting warnings about possible intervention.
