Philippine Stock market Performance a Day after the May 9 Presidential Elections

The Filipino people yesterday flocked to different voting precincts to cast their votes for the top positions of government; president and vice-president. In yesterday's election, registered voters also get to select their new 12 senators, 1 congressman, and the heads of their local government units (mayor/vice-mayor/its council OR governor/vice-governor and board members).

When a country is about to select their top government officials, the stock market index tends to move downwards due to uncertainty of who will be the country's new leaders. Investors become wary and tend to adapt a wait-and-see attitude. Some tend to sell their positions. On the last trading day prior to Monday's elections, the Philippine Stock Exchange Index closed below the 7,000 points mark as shown below:
Voting ended at 5:00 P.M. Philippine time yesterday, and counting of results immediately started. Unofficial results of canvassing by the PPCRV (Parish Pastoral Council for Responsible Voting) have showed a clear and wide margin between the presidential bet from Davao City, Mayor Rodrigo "Digong" Roa Duterte, and its four other opponents for the post. The VP or vice presidential race is a tight contest between the administration party represented by Congresswoman Leni Robredo of Naga City and Senator Ferdinand "Bongbong" Marcos of the Martial Law-tainted family of Ilocos Norte. While Robredo and Marcos are in a close fight, the unofficial count of votes for the presidency has clearly indicated the victory of the Davao Mayor. Presidential opponents Grace Poe, Manuel Roxas, and Jejomar Binay have each conceded as announced in their respective press conferences. With the Philippines soon-to-be president known in the person of Mayor Duterte, the stock market seems to be showing a positive movement. The market today closed to almost 200 points more than Friday's closing as seen below:
The Philippine peso was 47.1569 against the U.S. Dollar on Friday. The Philippine peso also strengthened at 46.68 today against the USD.

Duterte is yet to be declared officially as the 16th Philippine President. As early as today, some names have been dropped to possibly occupy some of the key Cabinet Member positions in the Duterte presidency. In the days following, some more names may be mentioned and the President-elect Duterte's plan of government and specific policies may also be revealed. The upward movement of the PSEI and the strengthened peso value against the USD today may hopefully continue as Duterte takes his Official Oath as the newly-elected Philippine president.

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