Philippine stocks fall after Marcos election, Wall Street drop

Market wants clear economic plan from new president, analyst says

Philippine Stock Exchange in Manila on May 10. The benchmark Philippine Stock Exchange index opened nearly 2% lower, at 6,632.35, and fell by as much as 3% before paring losses. (Photo by Ken Kobayashi)

CLIFF VENZON, Nikkei staff writer

May 10, 2022 13:08 JST

MANILA -- Philippine stocks tumbled on Tuesday after election results showed Ferdinand Marcos Jr. poised to become the country's next president and U.S. equities posted big declines.

Marcos, the son of the late Philippine dictator, has secured around 60% of votes, giving him a clear victory based on a partial and unofficial tally. But analysts say he lacks a clear economic strategy, causing jitters for the market.