The Philippine Stock Exchange Index fell 0.58% to 6,721 on Tuesday, paring big losses from earlier in the day but still closing at its lowest in nearly nine months, as investors assessed a landslide win in the presidential election by Ferdinand Marcos Jr. and his potential economic policies. Analysts suggested that markets will wait for the new government to discuss its plan to spur growth, tame inflation and address the nation’s ballooning debt amid the economic fallout from the Covid-19 pandemic.
Philippine stocks also tracked losses in global markets as rising US interest rates and slowing Chinese growth dampened investor sentiment. The mining & oil, property and services sectors performed worst in the local bourse. Losses in the benchmark index were led by Converge ICT (-5.3%), AC Energy (-5.3%), Robinsons Land (-4.1%), Wilcon Depot (-3.9%) and Globe Telecom (-3.8%).