(Bloomberg) -- A selloff that’s made Philippine stocks the worst across Asia’s emerging markets may have further room to go, as concerns about a hawkish central bank keep foreign investors on the sidelines. Most Read from BloombergTrudeau Is Stuck in India With Faulty Aircraft After Hearing Criticism From ModiThe Mighty American Consumer Is About to Hit a Wall, Investors SayTesla and China Risk Leaving Volkswagen on a Road to NowhereTech Giants Power Stock Gains as Tesla Jumps 10%: Markets WrapM
The Philippine Stock Exchange Index has slid 3.6% so far this quarter, wiping out more than $11 billion in market value. A hawkish pivot by the central bank — as inflation creeps back up — is blunting the appeal of local equities for global money managers from BNP Paribas Asset Management to Franklin Templeton.
“The market narrative has changed from peak interest rates to interest rates staying higher for longer,” which has dented risk appetite across EM markets and in particular the Philippines, said Alan Richardson, senior portfolio manager at Samsung Asset Management HK Ltd. He added that any market rebound will be dependent on the US interest-rate outlook.
The reduction comes even as the stock benchmark is trading near March 2020 levels of about 10.6 times forward earnings, one of the cheapest in the Southeast Asia. Meanwhile, the MSCI Asean gauge is trading at 13 times forward earnings.“Undeniably, the current valuation is attractive,” said Ernest Chew, a portfolio manager covering Southeast Asia equities at BNP Paribas.
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