The Philippine Stock Exchange Index was down 129.76 points or 1.81 percent to 7,029.53 in early trade.
"Investors should just stay away for the meantime until the election is done and we see a better picture of how the current president will continue or sustain the current economic growth," AB Capital Securities analyst Alex Tiu told ANC's "Market Edge with Cathy Yang."
Tough-talking Davao City Mayor Rodrigo Duterte leads closes rival Sen. Grace Poe by 11 points one week before the elections. He spoke before the country's business elite last week but did not specify how he would sustain robust growth.
Tiu recommend banking stocks BDO Unibank, Metrobank, Security Bank and East West Bank, which have been trading near record lows.
He also recommended consumer stocks that were benefiting from election-driven demand: Puregold, Robinsons Retail, SM Prime Holdings and Cebu Pacific.
source: www.abs-cbnnews.com
