The benchmark Philippine stock index slid amid a global selloff, as investors awaited Ferdinand Marcos Jr.’s economic policies following his landslide win in the presidential election.
The Philippine Stock Exchange Index declined as much as 3.1% before paring declines. Most of the 30 components of the benchmark fell with Aboitiz Power Corp., AC Energy Corp. and LT Group Inc. leading the losses.
Equities are unlikely to rebound until Marcos lays out a plan to spur growth, tame inflation and address the nation’s ballooning debt, according to analysts. The drop in the benchmark gauge also reflects losses in regional shares as rising U.S. interest rates and slowing Chinese growth hurt sentiment.
“Many investors are likely to be in a wait-and-see mode,” Robert Ramos, who helps manage P140 billion ($2.7 billion) as head of the trust and investments group at Rizal Commercial Banking Corp., said before the start of trading. “They will wait for the new government to discuss its plan for the economy and how we get out from the impact of the pandemic.”
The Philippine Stock Exchange Index has declined about 8% this year, outperforming an 18% drop for the MSCI AC Asia Pacific Index. — Bloomberg
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