SE Asia Stocks-Economic, political worries pull Philippines down
By Anusha Ravindranath Oct 5 (Reuters) - Philippine shares fell about 1.5 percent on Wednesday on growing economic concerns and as political tension heightened after President Rodrigo Duterte told his American counterpart to "go to hell." In his latest salvo, Duterte said he was realigning his foreign policy because the United States had failed the Philippines and that at some point "I will break up with America". "Increasingly Duterte has been aligning more and more with China and Russia and less with the West, so that definitely puts strain on foreign investments, especially in equities," said Victor Felix, an analyst with AB Capital Securities in Manila. "I've heard rumours that several trade shows from Western countries have been cancelled." Consumer inflation in the Philippines raced to an 18-month high in September as prices rose for food and utilities, but the central bank said there was no need to change its monetary policy stance. Telecom stocks faced the biggest sell-off, with PLDT Inc and Globe Telecom Inc among the worst performers. Indonesian shares shed over 1 percent after hitting their highest in nearly one-and-a-half year in the previous session. Other Southeast Asian markets were subdued following a report that the European Central Bank may taper asset purchases, while investors were also spooked by prospects of a U.S. interest rate hike in the coming months. Vietnam shares were headed for a second straight session of gains, supported by energy and consumer cyclical stocks. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 333 GMT Market Current previous Pct Move close Singapore 2879.36 2884.64 -0.18 Bangkok 1508.43 1509.78 -0.09 Manila 7614.54 7719.24 -1.36 Jakarta 5418.624 5472.317 -0.98 Kuala Lumpur 1663.59 1661.25 0.14 Ho Chi Minh 687.06 684.2 0.42 Change so far this year Market Current End prev yr Pct Move Singapore 2879.36 2882.73 -0.12 Bangkok 1508.43 1288.02 17.11 Manila 7614.54 6952.08 9.53 Jakarta 5418.624 4593.008 17.98 Kuala Lumpur 1663.59 1692.51 -1.71 Ho Chi Minh 687.06 579.03 18.66 (Reporting by Anusha Ravindranath in Bengaluru; Additional reporting by Susan Mathew; Editing by Subhranshu Sahu)
© Thomson Reuters 2016 All rights reserved.