SE Asia Stocks-Philippines falls; investors cautious ahead of Fed policy move
By Suhail Hassan Bhat Sept 26 (Reuters) - Philippine shares edged down on Monday as the country's central bank governor warned that a slump in peso reflects investor caution ahead of the U.S. Federal Reserve's next policy decision. Most other regional markets were down ahead of the first U.S. presidential debate, which will take place early on Tuesday in Asian time zones. The peso fell to its lowest since 2009 in heavy trading as importers' dollar demand added to downward pressure stemming from stock outflows. Philippines' central bank Governor Amando Tetangco told Reuters on Monday the peso's movements were due to the corporate requirements for dollars and reflected uncertainty about the Federal Reserve's policy path. "A lot of factors. One, if you look at the region it is very weak. If you look at overall sentiments in the equity market we have high valuations," said Augusto Cosio, president of First Metro Asset Management Inc in Manila. "And there is a general risk-off sentiment." The Philippine stock index fell 1.18 percent, pulled down by financials and industrial staples, as SM Prime Holdings Inc slid 2 percent, while container terminals operator International Container Terminal Services Inc dropped 5.8 percent. Market has experienced net foreign selling in the past weeks, said Philippine Stock Exchange President and CEO Hans B. Sicat, adding, "Our economic fundamentals remain strong and this should continue to help corporate performance moving forward." Singapore shares snapped the previous session's winning streak. Meanwhile, the country's weaker-than-expected manufacturing output in August rose 0.1 percent from a year earlier, data showed on Monday. Thai shares fell, dragged down by financials and energy stocks, led by index heavyweights PTT Pcl and Siam Commercial Bank. Thailand's customs-cleared exports in August rose 6.5 percent compared with the previous year, beating analysts' median forecast of 1.4 percent fall. Malaysia shares dropped marginally, while Indonesian shares pared gains from the previous session. Bucking the trend, Vietnam climbed 0.44 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Previous Pct Move Close Singapore 2849.94 2856.95 -0.25 Bangkok 1490.14 1492.88 -0.18 Manila 7632.46 7723.6 -1.18 Jakarta 5352.139 5388.908 -0.68 Kuala Lumpur 1669.5 1670.99 -0.09 Ho Chi Minh 677.04 674.09 0.44 Change this year Market Current End 2015 Pct Move Singapore 2849.94 2882.73 -1.14 Bangkok 1490.14 1288.02 15.69 Manila 7632.46 6952.08 9.79 Jakarta 5352.139 4593.008 16.53 Kuala Lumpur 1669.5 1692.51 -1.36 Ho Chi Minh 677.04 579.03 16.93 (Reporting by Suhail Bhat; Editing by Sherry Jacob-Phillips)
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