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The World's Worst Stock Market Is Not Cheap Enough to Buy

  • Withdrawals due to CPI, peso may sink PSEi to 6,600: Metrobank
  • Stock valuations have plunged to a more than two-year low
Bloomberg business news
Bloomberg’s Balji explains why investors are staying on the sidelines despite of the plunge in Philippine stocks.(Source: Bloomberg)
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For some Philippine money managers, it’s still too soon to scoop up shares in the world’s worst-performing stock market.

As the Philippine Stock Exchange Index dipped below 7,100 during Tuesday’s session, taking its valuation to its lowest level since January 2016, Metropolitan Bank & Trust Co. is among the firms that’s staying on the sidelines. John Padilla, the head of equities at the money manager, says he’s too concerned about the high inflation level, rising oil prices, weakening peso, increasing interest rates and drying up liquidity.