Philippine Stocks Fall Most in Asia After Biggest Run Since 1998
A trader uses a telephone on the trading floor of the Philippine Stock Exchange.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
Philippine stocks fell the most in Asia on Friday as the jobless rate jumped to a record while a stimulus bill to soften the pandemic’s blow on the economy has yet to pass with congress set to adjourn.
“The possibility that the stimulus bill will not see the light of day and the record unemployment jolted the market back to reality,” said Jonathan Ravelas, chief market strategist at BDO Unibank Inc. “Risk on themes are still at risk.”