Thursday 19 July
Powered by Ajaxy
Nov 24, 2017 @ 18:12

Stocks rally fuels hot money outflows in October — BSP

 

Foreigners who profited from stocks trading went to reap the gains that month.

Foreign firms decided to pull out $1.95 billion in portfolio investments they had in the Philippines for October, surpassing the $1.38 billion which they placed in the country, according to the Bangko Sentral ng Pilipinas (BSP). This resulted to a $563.4 million net outflow for the month, the biggest in almost a year.

Profit-taking drove investors to decide to remove their funds from the Philippines and bring them back home or to bet elsewhere, the central bank said. This came despite continued “investor optimism” as they expect the tax reform program to be passed.

Outflows from the Philippine Stock Exchange (PSE) reached a whopping $513 million, while those from peso government securities amounted to $47 million.

The PSE index rallied in October to set new highs and tested the 8,500 level.

Most of the capital removed from the Philippines went to the United States, which also happens to be the biggest investor country for the month.

Year-to-date portfolio outflows reached $812.17 million, the BSP said, compared to a $1.47 billion net inflow during the same time last year.

Tags: , , , , , ,

Related Stories
Walmart said Tuesday it was entering into a strategic partnership with Microsoft on "digital transformation"
German auto giant Volkswagen has fixed millions of cars found with emissions cheating software since
The United States on Friday formally lifted a crippling ban on exports to China's ZTE,
For months, a major recycling facility for the greater Baltimore-Washington area has been facing a


 

Trending News

Recommended on sister sites

Copyright © 2018 Bilyonaryo - Latest news on the richest Filipinos and Family Business.