Orderly midterms electrify stock market

Local shares rose on Tuesday, lifted by the rally in US equities and the successful midterm elections.

The Philippine Stock Exchange index rose by 1.68 percent to 6,566.82 while All Shares also increased by 1.13 percent to 3,805.33.

“Local shares kicked off the shortened trading week in the green, lifted by a broad rally in US equities on Monday after a temporary US-China tariff reduction deal eased trade tensions,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Positive sentiment dominates

“The positive sentiment spilled over into Asian markets and was further supported by the peaceful conduct of Monday’s midterm elections,” he added.

Almost all sectors closed in the green, except for Mining and Oil which fell by 1.34 percent.

Advancers led decliners at 96 to 83.

The peso, meanwhile, closed at 55.80 to a dollar after opening at 55.80 and trading between 55.58 and 55.90. The day’s weighted average stood at 55.71.

Volume of trade reached $1.88 billion.