Stocks in the Philippines, Thailand and Indonesia, the best performers worldwide during the past five years, are leading losses in emerging markets this month as foreign outflows approach a record on signs of slowing growth.
Westports Holdings Bhd. Executive Chairman G. Gnanalingam has become a billionaire as the main operator at one of Malaysia’s biggest ports sells shares in the country’s largest initial public offering this year.
Larsen & Toubro Ltd., India’s largest engineering company, is considering a Singapore listing for its toll-road projects that could raise about $700 million, said two people with knowledge of the process.
Facing each other across Singapore’s Orchard Road shopping belt, the malls owned by Singapore Press Holdings Ltd. and Overseas Union Enterprise Ltd. have competed for shoppers. Now, they will compete for investors.
The world’s biggest equity bull market is propelling Philippine valuations to all-time highs as international investors pile into the country’s stocks in an endorsement of President Benigno Aquino’s economic policies.
Southeast Asia’s small-cap stocks are drawing investors including Aberdeen Asset Management Plc and Samsung Asset Management Co. as the region’s economies accelerated even as growth in China and India slowed.