Hot money trickles out mid-June

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Metro Manila (CNN Philippines, June 28) — Bangko Sentral ng Pilipinas (BSP) data showed that more foreign investors pulled out of the country in mid-June.

The latest BSP report covered the first two weeks of June, just before the stock market traded below the 7,000 mark. Foreign portfolio investments, also known as "hot money" for how quickly it flows in and out the market compared to foreign direct investments, are comprised of financial assets like stocks and bonds.

For the first half of June, the Philippines lost approximately $210.52 million in foreign portfolio investments.

Year-to-date, hot money inflows are at $8.14 billion on June 15, while outflows are at $7.53 billion, bringing the net foreign portfolio investment to $611.86 million.

The stock market traded below the 7,000 mark on June 22, reaching an intraday low of 6,923.67. While the markets attempted a recovery, it didn't stay afloat for long as it closed at 6,986.88 Monday.

Trading today ended at 7,066.57, with most sub-indices in the red. Only the mining and financials sub-indices managed to stay above water.