Philippine Stocks Enter Bear Market as Foreign Outflows Surge
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Philippine stocks entered a bear market as the nation’s benchmark equity index slumped for a fifth day amid the biggest monthly foreign sell-off on record.
The Philippine Stock Exchange Index tumbled 3.1 percent to 5,789.06 in Manila, the lowest close since Dec. 19. The gauge has lost 22 percent from a record 7,392.20 set on May 15, wiping about $62 billion in value from the nation’s stocks as of yesterday’s close. Valuations dropped to a seven-month low and volatility climbed to the highest in more than four years. Overseas funds sold a net $344 million of Philippine stocks this month through yesterday, heading for the biggest monthly outflow since Bloomberg began compiling the data in 1999.