Rappler
Market Wrap: PSEi tests 6,700 as Biden leads US election
The Philippine Stock Exchange index (PSEi) closed at 6,644 on Thursday, November 5, gaining 2.8% and marking its fourth straight winning session.
This surge, which briefly touched the 6,700 level, brings the PSEi to its highest point since March before the coronavirus lockdowns were enforced.
The market tracked the overnight rally on Wall Street, with the S&P 500 and Nasdaq gaining 2% and 1%, respectively.
Democrat Joe Biden edged ahead in the US presidential election with 264 electoral college votes compared to President Donald Trump's 214, though counting is still ongoing in battleground states.
Despite the gains, analysts noted that Trump's premature victory claim adds to uncertainties and may spur volatility, similar to the 2016 US elections.
Most blue chips posted gains, and advancers led decliners, 128 to 73, with 53 stocks unchanged.
Volume totaled over 5 billion shares valued at P10.2 billion.
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