While local stocks gained, trading has been notably subdued in recent days, with global markets holding their breath in anticipation of the election result.

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Oliver said a win by the Democrats, with Harris as president, could mean that the US economy will settle down and provide a stable outcome with little-to-no impact on the market.

“If Kamala Harris manages to win, and that’s looking less likely, but if she does manage to win, some of the market movements we’ve seen today will reverse, and we’ll basically see the sharemarket settle back down to around about where it was,” he said.

“But with Donald Trump, we’re probably going to see a far more volatile market – we could see a knee-jerk positive reaction in the short term. But on the other hand, this back up in long-term bond yields, potentially higher interest rates in the US and trade wars could actually be negative.”

Jun Bei Liu, a portfolio manager at Tribeca Investment Partners, said the current movements in the market were short term and unlikely to persist in weeks to come.

“We might see volatility, but in terms of policy front, there hasn’t been significant policy swings compared to previous elections,” she said.

“Obviously, the tariff is something that – if it does happen – it’s quite negative for lots of commodities and resources and others, but it’s not likely to come through in its own form. So I think while there might be volatility, usually post-election, we do see that good centre rally.

“Elections never have long-lasting impacts on the sharemarket, unless the policy has economic impact.”

With Bloomberg