PSEi hits 8-month high on Biden win hopes

The PSEi surged, reaching its highest level in eight months on Friday, November 6, as investors anticipated a Joe Biden victory in the US presidential race.

The local stock barometer closed at 6,685.69, a 0.62 percent increase, marking its best finish since March 6, before the lockdown due to the coronavirus pandemic.

For the week, the PSEi advanced by a total of 436.3 points or 7 percent.

This rally was fueled by positive US and regional markets, with analysts noting that the market is pricing in a potential Biden presidency.

Foreign buying has returned to the Philippine market, with P623.88 million in net foreign buying recorded on Thursday.

Analysts believe a Biden win could positively impact Asian markets by potentially ending the US-China trade war and fostering a more predictable US diplomatic approach.

The market also reacted to positive third-quarter earnings reports from some local companies.