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 value in three days.

To contact the reporter on this story: Ian Sayson in Manila at isayson@bloomberg.net.

To contact the editors responsible for this story: Divya Balji at dbalji1@bloomberg.net, Eric Lam

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