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Philippine Stocks Fall as Traders Weigh Marcos Win, Global Rout

  • Marcos has to form economic team immediately: Papa Securities
  • Selloff comes as global equities tumble on rising U.S. rates
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WATCH: Philippine Stock Exchange President and CEO Ramon Monzon discusses the presidential election and how a victory by Ferdinand Marcos Jr. could impact the stock market.Source: Bloomberg
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The benchmark Philippine stock index dropped amid a global selloff, as investors awaited economic plans of Ferdinand Marcos Jr. who, based on an unofficial count of Monday’s vote, is headed for a landslide win in the presidential election. 

The Philippine Stock Exchange Index ended 0.6% down at 6,720.93, its lowest close in nine months. It fell as much as 3.1% earlier. Nineteen of the benchmark’s 30 components declined, with Converge Information and Communications Technology Solutions Inc., AC Energy Corp. and Robinsons Land Corp. leading the losses.