Philippine markets gain after elections

By Cris Larano, Dow Jones MANILA — Philippine financial markets rose Tuesday as election results suggested a strong mandate for the presumptive next president in one of the world’s fastest-growing economies. Photo courtesy of Yahoo   Some fund managers and economists said they believed the market could advance further after Rodrigo Duterte names members of his economic team and provides other details about his plans for the government. Since early April — when Mr. Duterte, the mayor of Davao City, took the lead in polling — Philippine shares had fallen and the peso had steadily weakened against the dollar. On Tuesday, however, as the unofficial count showed Mr. Duterte leading his closest rival by more than six million votes, the equities market and the peso shrugged off early weakness. The stock market’s benchmark PSEi closed 2.6% higher at 7174.88, recording the biggest single-day gains since early January. The peso strengthened [...]