KARUNA SHINSHO, CNN ANCHOR: Early returns in the Philippine elections indicate a narrow lead for several senate candidates aligned with President Gloria Macapagal-Arroyo. Full results are not expected for several days. Maria Ressa has more on the polls, the stakes and the vote count.</s>MARIA RESSA, CNN CORRSPONDENT (voice-over): The vote is over; now the focus shifts to the counting. It's tedious and time-consuming -- everything is done by hand. Counting happens on two levels, precinct, ballot box and tally brought to canvassing centers like this, where the nationwide count is tabulated. Much is at stake in these elections, although President Gloria Macapagal-Arroyo is not running, this is the first electoral test of her government. She is serving the rest of the term in her predecessor Joseph Estrada, who she deposed on the strength of mass protests last January. The question now is, how much popular support does Mrs. Arroyo truly have, and how much support does Mr. Estrada retain? Although it may be two weeks before official results are released, unofficial quick count show Mrs. Arroyo's candidates in the crucial race for the senate have a slim lead. But it's so small, many fear she may not have the majority she needs to pass crucial legislation.</s>NELSON NAVARRO, POLITICAL ANALYST: New ground must be broken. Mrs. Arroyo did not get the mandate she desperately wanted and needs, and neither did Estrada score spectacular showing precipitation comeback to market.</s>RESSA: Financial market were cautious Tuesday. The stock index dropped nearly 2 percent. The peso dropped slightly. With more than 230,000 polling stations spread out over 7,000 islands, the wait continues. Maria Ressa, CNN, Manila.
Early Returns in Philippine Elections Indicate Narrow Lead Candidates Aligned with President Gloria Macapagal-Arroyo