Foreign investors are on wait-and-see after elections in the Philippines won by Ferdinand Marcos Jr and a rally in the equities market might be a challenge, Philippine Stock Exchange President Ramon Monzon said yesterday.
“Further upside? It’s going to be tough. We have a lot of macroeconomic problems,” Monzon said in an interview with Bloomberg TV.
“The new economic team has a lot of hard work in front of them,” he said, citing the nation’s record debt and the need for new revenue sources.
The benchmark Philippine stock index fell by as much as 3.1 percent to a nine-month low a day after
The percentage of positive Covid-19 tests reached a record high in the Philippines, fueling fears of a return to stricter curbs on movement and triggering a selloff of stocks as hopes fade for a swift economic recovery.
MANILA, Feb 15, (Bloomberg): Philippine investors are shifting into small, lesser-known names in a stock market that ranked as the world’s worst performer last month.
Demand has waned for the 30 component shares of the Philippine Stock Exchange Index, which includes giants like SM Investments Corp. and Ayala Land Inc., amid an uncertain economic recovery, the ongoing pandemic and a flight of foreign funds. The PSEi tumbled 7.4% in January, the worst performance among global equity benchmarks.
The slump in large caps pushed investors to take a chance on riskier small caps, said Fitz Aclan, who helps manage about $520 million as chief investment officer at United Coconut Planters Bank.