go through Revin Mikhael D. Ochave, reporter
Analysts say the market is expected to cheer on the midterm election on May 12, while Philippine President Ferdinand R.
“The Philippine Stock Exchange Index (PSEI) will try to try to resist the tough 6,500 resistance when the election proves peace,” Cristina S. Ulang, head of research at First Metro Investment Corp., said in a Viber message.
“If peace nationwide, the market will cheer for the clarity and determination of the Philippine election, which is a step towards a new future in terms of political governance and economic progress,” she said. “If peace is, this election will set an example for a well-functioning democracy in Southeast Asia.”
On Monday, Filipinos selected a new group of members of Congress, 24 members of the Senate and thousands of local officials in the midterm elections.
Election Commission Chairman George Erwin M. Garcia said there were no major technical issues during the election.
But trying to prevent Filipinos from voting in certain areas of the northern north of the Philippines, he noted.
Climate conflict action by Independent Peace Monitoring Group said that some areas of the Muslim Mindanao State Mamorro Autonomous Region have reported violence and intimidation to prevent people from voting.
It also reported gunfights and fights in the electoral district of Cotabato, as well as illegal blockades and road controls by partisan groups in Lanao del Sur in the Mindanao region. There are also convoy ambushing and armed conflicts in the province of Brazil.
The free election campaign for citizens of the Election Watchdog country also reported that voters had a high turnout due to the lack of voter aid desks and staff, and therefore voters were delayed.
The major Philippine stock exchange index rose 1.07% or 68.71 points to 6,458.2 on Friday, while the broader all-share index rose 0.6% or 22.5 points to 3,762.85.
The benchmark index scored 0.72% or 46.34 points a week ago.
The Election Commission earlier said more than 68 million Filipinos have registered votes for more than 18,000 national and local positions.
The election is expected to be a battlefield for Marcos and Duterte, two of the country's most influential political dynasties.
“Peaceful election results in general will help continue the benefits of PSEI,” said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. in a Viber message.
He added: “The government has won a large number of people in the House and Senate and will provide strong support for legislation, fiscal and other reform measures.”
Dragonfi Securities, Inc. Jarrod Leighton M. Tin, an equity research analyst, said the election-related increase should now be reflected in the latest financial reports of listed consumer companies.
“The biggest impact is consumer spending due to elections,” he said in a Viber message. “This should be reflected in financial results in the first and second quarters.”
“The market should have already priced (expenditures) already on the consumer name,” he added.
