Foreigners Flee as Philippine Stock Valuations Overheat: Chart

(Bloomberg) -- International investors are withdrawing from Philippine equities at the fastest pace in ten months, cashing out $132 million last week when valuation surpassed levels that preceded corrections in 2015 and 2016. The exodus, which halted a six-week buying spree, snapped the Philippine Stock Exchange Index’s longest streak of weekly gains in three years, and erased about 352 billion pesos ($6.8 billion) in market in three days.

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