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 Vot...