Philippine Stocks Drop Most in Asia on Valuations: Manila Mover
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Philippine stocks fell for a fourth day, sending the benchmark index to its longest losing streak in three months, after valuations advanced to a nine-year high.
The benchmark Philippine Stock Exchange Index sank 1.2 percent to 6,694.71 at the 3:30 p.m. close in Manila, the biggest loss among Asian markets. The measure jumped 17 percent this year through March 11 on expectations the nation will win an investment-grade sovereign rating, interest rates will stay low and economic growth will accelerate. That pushed valuations to 21.9 times reported earnings, the highest since December