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San Miguel stocks hurt by weak Peso and inflation fears

Philippine stocks fell for the ninth consecutive day on 3 July as the peso“s weakness and another round of domestic oil price hikes hit sentiment and sparked inflation fears, brokers said. BPI Securi…

Philippine stocks fell for the ninth consecutive day on 3 July as the peso“s weakness and another round of domestic oil price hikes hit sentiment and sparked inflation fears, brokers said. BPI Securities investment analyst Spencer Yap said foreign investors had dumped stocks in San Miguel Corp., among other select large caps, due to the depressing economic developments. Vanessa Lim, a fund manager at UCPB Trust which handles 30 billion pesos in funds, commented: “It“s the peso, peso, peso… It keeps inching up. There“s no incentive to go long in this market because of the negative developments.”

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