Stocks in the Philippines on Wednesday surged for a second day as unofficial presidential election results showed Rodrigo Duterte headed for victory. In Australia, commodity-linked shares rallied, leading the market to its highest close in almost nine months.

The Philippines’ PSE Index closed up 3.1% to 7396.52, adding to its 2.1% gain in the previous session. Investors there shrugged off a sharp decline in March exports and continued to cheer the election’s likely outcome. The Philippine peso was last up 0.2% against the U.S....