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Duterte Outbursts Taking Toll as Philippine Stock Losses Mount

  • Overseas investors pull most money in a year on Wednesday
  • President’s behavior could be disruptive: BDO Unibank
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Obama Cancels Meeting With Duterte After Outburst

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Losses in Philippine stocks are accelerating, with foreigners pulling more money from Asia’s most expensive market amid speculation the outbursts of President Rodrigo Duterte will have consequences that go beyond politics.

The Philippine Stock Exchange Index fell 1.3 percent to 7,619.10 in its biggest decline in five weeks. The gauge has dropped 6 percent from a 15-month high on July 21, paring its gain this year to 9.6 percent. Foreign funds pulled $58 million from local equities Wednesday, the most in almost a year, and have sold a net $333 million in an 11-day run of outflows. The index is down 2.3 percent this quarter, the only decliner among major Asian markets.