Peso and Ringgit Finally Flourish and Spur Equity Gains
- Philippine shares reverse 2 quarters of outflows on tax reform
- Oil prices, possible early election boost Malaysian equities
A customer handles various denominations of Philippine peso banknotes.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Better late than never. The Philippine peso and Malaysian ringgit have clambered aboard the Asian currency rally, advancing against the dollar and spurring flows into equity markets.
Global funds have poured $581 million into Malaysian stocks and $198 million into the Philippines since the end of March as the countries’ currencies strengthened 2 percent and 0.5 percent, respectively. That’s a dramatic turnaround considering both declined more than four percent in 2016 and hit decade lows this year.