The Philippine Stock Exchange Composite index (PSEi) opened at 6,799.52 and closed at 6,821.44 Tuesday, levels that were, sans the pandemic months, last seen by the end of 2017 and the final months of the Benigno Aquino III administration.
It also reached a lowest value of 6,547.44. Its highest value was the same as the opening.
Just a few minutes after the market opened, investors rapidly pulled out their shares as dictator’s son Ferdinand “Bongbong” Marcos Jr. started leading the live election results. By 10:30 AM top gainers were companies managed by Marcos relatives, such as Philweb Corp. (PSE: WEB), Araneta Properties Inc. (PSE: ARA), and Prime Media Holdings, Inc. (PSE: PRIM).
WEB and ARA’s chair is Gregorio Maria Araneta III, the husband of Irene Marcos. Meanwhile, PRIM is a subsidiary of the RYM Business Management Corporation, a company acquired by Martin Romualdez, a cousin of Bongbong Marcos.
Top loser by that time was the Manila Broadcasting Company (PSE: MBC), the parent organization of radio station DZRH. This still rings true when the market closed, and it was even followed by ABS-CBN (PSE: ABS), which was shut down during Martial Law.
As of writing, Marcos currently has 31.05 million votes. His main competition Vice President Leni Robredo has 14.80 million votes.
Mark Ernest Famatigan is a news writer who focuses on Philippine politics. He is an advocate for press freedom and regularly follows developments in the Philippine economy. The views expressed are his own.
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