as the local market tracked the slump in US and Asian equities amid uncertainty on American midterm election results.
Six of the 10 most active stocks ended in the green, led by Converge ICT Inc. which climbed 8.1 percent to P12.00 and SM Prime Holdings Inc. which rose 1.8 percent to P33.90. “A purple dilemma might be the best way to describe the red-blue tangle that emerged Wednesday. It’ll be gridlock, that’s for sure,” Stephen Innes of SPI Asset Management said of the US midterms.
“US growth looks still too strong to bring inflation down,” Tapas Strickland of National Australia Bank said in a note.
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