Philippine stocks rally after Biden confirmed as US president

Philippine shares rallied on Friday, gaining 2.39% to close at 7,289.88 points after US Congress confirmed Joe Biden's victory.

The broader All Shares index also increased by 1.94%, with most sectoral gauges tracking the main index, led by Financials and Property sectors.

Investor sentiment was buoyed by prospects of more financial aid for businesses and consumers amid the pandemic, as well as positive cues from Wall Street's record-high performance.

On Thursday, shares closed higher after Democrats secured control of the US Senate in runoff elections in Georgia.