Philippine Stock Trading Drops as Valuations Surge to Record
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Philippine stock trading volumes are sinking to the lowest level in two months and volatility is picking up as the benchmark index’s jump above 7,000 for the first time spurs concern that shares have become too expensive.
The Philippine Stock Exchange Index fell for a second day, losing 0.1 percent to 6,972.69 at the close in Manila. It sank 1.9 percent yesterday, the most since June 4, after the measure closed at an all-time high of 7,120.48 on Monday. An average of 259.5 million of the gauge’s shares traded in each of the past 30 days, the lowest level since Feb. 22, data compiled by Bloomberg show. The index’s 50-day volatility, a measure of price swings, climbed to 17.5, the highest level since July 31.