Philippine market rallies anticipating Estrada resignation

The peso and the stock market posted gains amid growing confidence that the political situation will soon be resolved.

At the stroke of twelve noon, as the closing bell was ringing at the Philippine Stock Exchange, applause from brokers reverberated throughout the trading floor in Makati The day's final transaction had lifted the Philippine Composite Index Phisix to 1,500.10, up 212.25 16.48%, the largest single-day gain ever, supported by a strong trading volume of Ps3.8 billion $74.8 million.

This exhilarating single-day rise came in the wake of a three-day holiday, and on a day when market players generally expected the peso and the stock market to take a dive.

Last Saturday, an estimated 40,000 people joined a rally in EDSA, the countrys symbolic site where the People Power...

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