Philippine "hot money" plunges as "ghost month" spooks investors

Email|Print|Comments       twitter     facebook     Sina Microblog     reddit    

Philippine portfolio investments posted a net outflow of 441.85 million U.S. dollars in August as the so-called "ghost month" sidelined most fund managers, the local central bank reported Friday.

Most Chinese investors usually hesitate to invest on the seventh month of the lunar year as this is believed to be the time when the gods open the Gates of Hell and allow the spirits - " hungry ghosts" - to roam the earth

The central bank added that portfolio investments, also known as "hot money", declined in August owing to worries over the U.S. Federal Reserve's possible tapering of its bond-buying program and the shortened trading weeks due to holidays and weather disturbances.

The central bank said gross outflows for the month were higher at 1.4 billion U.S. dollars from 868 million U.S. dollars posted the year before. Only 999.28 million U.S. dollars in foreign investments entered the country.

Investments in August were mainly in shares of stock listed in the Philippine Stock Exchange and peso-denominated government debt papers. The money invested in companies went to holding firms, property companies, banks, food and beverage firms, and telecommunications.

The main sources of investments were the United Kingdom, the United States, Singapore, Luxembourg, and China's Hong Kong.

• One killed in S. Philippine landslide
• Death toll in Philippine ship collision climbs to 31
• Death toll in Philippine ships collision reaches 28, 215 still missing
• Death toll in C. Philippine ship collision climbs to 24
• Peace deal with MILF to benefit all: Philippine gov't
• Office to close due to protest in Manila
• Philippine president vows to fulfil pacts with Muslim rebels

We Recommend

• DPRK holds military parade to mark 65th founding anniv.
• Highlights of MAKS 2013 Int'l Aviation and Space Show
• 10th China-ASEAN Expo opens in Nanning
• Photo story: A primary school of only two people
• An elderly Chinese street cleaner's love story
• 'College campus queens' welcome the new students
  
• 'Travel everywhere in Beijing': China Railway Museum
  
• Chinese sports stars' school photos
  
• Players shining at the 12th National Games of China