Philippine Stocks Sink to 2-Month Low on State Spending Concern

Philippine stocks fell the most in Asia, sending the benchmark index to a two-month low, amid concern that protests over discretionary government budgets will slow state spending and weigh on economic growth.

Philippine Long Distance Telephone Co., the nation’s biggest company by market value, sank to a six-week low and Ayala Corp., owner of the country’s largest property developer, plunged to the lowest level since December. SM Investments Corp., owner of the nation’s largest shopping-mall operator and biggest grocery chain, slid to an eight-month low.