The benchmark Philippine stock index dropped amid a global sell-off, as investors awaited economic plans of Ferdinand Marcos Jnr, who based on an unofficial count of Mondays vote, is headed for a landslide win in the presidential election.

The Philippine Stock Exchange Index ended 0.6 per cent down at 6,720.93, its lowest close in nine months. It fell as much as 3.1 per cent earlier. Nineteen of the benchmarks 30 components declined, with Converge Information and Communications Technology Solutions Inc., AC Energy Corp. and Robinsons Land Corp. leading the losses.

Equities are unlikely to rally until Marcos lays out a plan to spur growth, tame inflation and address the nations ballooning debt, according to analysts. The slide in the benchmark gauge also reflects losses in regional shares as rising US interest rates and slowing Chinese growth hurt sentiment.

“Marcos has to form his economic team right away to provide local market stability,” said Manny Cruz, a strategist at Papa Securities. “Without an economic team and pronouncements on his economic agenda, it will be difficult to see a rally for investors will be reacting mainly to global headwinds.”

Based on the broader Philippine Stock Exchange All Share Indexs loss of up to 2.9 per cent, the sell-off on Tuesday erased as much as 488 billion pesos (US$9.3 billion). Market capitalisation dropped by 168.27 billion pesos at the close.

PhilWeb Corp., an operator of bingo parlours, jumped 31 per cent, leading gains among stocks seen as having ties to Marcos. PhilWeb has gained 80 per cent in five sessions.

Over a longer time line, losses in the nations equities pale in comparison to the declines in regional shares. The Philippine Stock Exchange Index has fallen 5.6 per cent this year, outperforming the MSCI AC Asia-Pacific Index which dropped more than 17 per cent.