(Bloomberg) A selloff that’s made Philippine stocks the worst across Asia’s emerging markets may have further room to go, as concerns about a hawkish central bank keep foreign investors on the sidelines. Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiThe Mighty American Consumer Is About to Hit a Wall, Investors SayTesla and China Risk Leaving Volkswagen on a Road to NowhereTech Giants Power Stock Gains as Tesla Jumps 10%: Markets WrapM
The Philippine Stock Exchange Index has slid 3.6 percent so far this quarter, wiping out more than $11 billion in market value. A hawkish pivot by the central bank as inflation creeps back up is blunting the appeal of local equities for global money managers from BNP Paribas Asset Management to Franklin Templeton.
SINGAPORE: As stagflation concerns mar the outlook for the world’s biggest developed markets, shares in a small Asian city-state have held up surprisingly well this year.