PSEi books biggest 1-week gain after an elections in 10 years


MANILA - The Philippine Stock Exchange index (PSEi) on Friday notched its biggest one-week gain following an election in at least 10 years.

The index closed 1.53 percent or 111 points higher at 7,436.79 on Friday.

For the week, the index rose 6.4 percent, snapping three straight weeks of decline.

Ali Yu, president of brokerage RS Lim and Co., said there is positive sentiment from investors, some of whom expressed worry over the uncertainty of the elections.

"We are hearing the right things, saying that the forthcoming president is action-oriented and result-oriented," Yu told ANC's "Market Edge with Cathy Yang."

As of Friday afternoon, Davao City Mayor Rodrigo Duterte is still leading the presidential race by a large margin.

Among Friday's advancers were Ayala Corporation, Metrobank, JG Summit, Petron and SM Investments.

Meanwhile, Security Bank moved from the small cap category to the global standard index of the MSCI Philippines index.

Tech firm Xurpas, Bloomberry Resorts, and Century Pacific Food were added to the small cap index.

The peso finished stronger against the US dollar at P46.55. -- With a report from Warren de Guzman, ABS-CBN News