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Philippines stocks: Asia’s most expensive

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Benigno Aquino, president of the Philippines, shared his father’s words of warning earlier this week in a speech marking the 20th anniversary of the Manila exchange: “Unless you’re a big boy, don’t play in the stock market. You will only get burned.”

Clearly lots of investors in the country have chosen to ignore Aquino Sr’s advice: on Tuesday the Philippines equity index closed at a record high – its 7th in a row, and its 34th this year. But, after a romping run, some analysts are getting edgy.

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