Philippine Stock Swings Surge as Index Tumbles 10% From High
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Philippine stock volatility is surging at the fastest pace in emerging markets as foreign investors sell the world’s most expensive equities on speculation the U.S. will reduce monetary stimulus.
The Philippine Stock Exchange Index’s 10-day historical volatility increased to 33 yesterday from 12 two weeks ago, the highest level since October 2011 and the biggest jump among 21 developing-nation gauges tracked by Bloomberg. Overseas money managers sold a net $78 million of the nation’s shares yesterday. The PSE index fell 1.3 percent at the close in Manila, extending its drop from a May 15 record to 9.7 percent.