Philippine stocks fell, sending the benchmark index to the lowest level in a month, after economic growth missed forecasts. The peso erased an earlier advance.
Philippine stocks fell, driving the benchmark index to a three-week low, as SM Investments Corp. tumbled the most in almost five years and the nation’s biggest money manager said shares are poised to decline.
The Philippine peso gained for the first time in three days as stocks rallied toward a record reached last week, while the central bank reiterated it may take more measures to cap inflows.
Philippine stocks may extend a decline from last week’s 28-month high as a “bearish divergence” formation on a chart shows the market is losing momentum, according to Banco de Oro Unibank Inc.
The Philippine peso snapped a three- week loss after Moody’s Investors Service raised the nation’s credit-rating outlook to positive and first-quarter economic growth beat analysts’ estimates.
"A truce will de-escalate tensions between Russia and Ukraine and a peaceful resolution could spur a short-term rally."
- Jonathan Ravelas on Aug 18, 2014