Gold Mine Sums Up New-Found Love for Philippine Small-Caps
- Benchmark index’s value has shrunk relative to overall market
- Retail buyers seek higher yields on lesser-known stocks: Aclan
The Philippine Stock Exchange.
Photographer: Carlo Gabuco/BloombergThis article is for subscribers only.
Philippine investors are shifting into small, lesser-known names in a stock market that ranked as the world’s worst performer last month.
Demand has waned for the 30 component shares of the Philippine Stock Exchange Index, which includes giants like SM Investments Corp. and Ayala Land Inc., amid an uncertain economic recovery, the ongoing pandemic and a flight of foreign funds. The PSEi tumbled 7.4% in January, the worst performance among global equity benchmarks.