Philippine Stocks Suffer Longest Losing Run This Year on Scandal
Protesters hold placards during a rally following scandals in the government’s flood-control projects, in Manila on Sept. 21.
Photographer: Ted Aljibe/AFP/Getty ImagesPhilippine stocks and the peso lagged Asian peers this month as corruption allegations on government officials eroded investor sentiment and triggered foreign outflows.
The Philippine Stock Exchange Index fell 0.7% on Tuesday, capping its longest losing run since December. The seven-day streak has dragged the index down 3.3% for the month, a sharp contrast to the MSCI Asia Index’s 4.3% gain. The peso has weakened nearly 2% against the dollar in September.