SE Asia Stocks-Philippines falls on economic, political woes; Indonesia down
By Anusha Ravindranath Oct 5 (Reuters) - Philippine shares fell more than 1 percent on Wednesday on growing economic concerns and as political tensions rose after President Duterte's verbal outburst against the U.S. In his latest salvo, Duterte said he was realigning his foreign policy because the United States had failed the Philippines, adding 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 a strain on foreign investments, especially in equities," said Victor Felix, an analyst with AB Capital Securities in Manila. Consumer inflation in the Philippines raced to an 18-month high in September as prices of food and utilities rose, while the central bank said more data, including outlook on inflation would be needed before it could adjust its required reserves. The Philippine index clocked its biggest intra-day percentage loss in more than two weeks, led by a big sell-off in telecom stocks. Indonesian shares shed over 1 percent and posted their biggest intra-day percentage loss in three weeks. "RSI (relative strength index) is showing the index has been overbought, indicating weakness for the JCI (Jakarta Composite Index )in the next 2-3 days," said Gina Nasution, an analyst with Trimegah Securities. Shares of oil and gas firms Perusahaan Gas Negara (Persero) Tbk PT and Medco Energi Internasional Tbk PT fell after a local media report that President Jokowi is expected to cut gas prices in November. bit.ly/2dqV9c9 Other Southeast Asian stock markets remained soft 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. Thai stocks hit their highest in a month, before closing almost flat. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 912 GMT Market Current previous Pct Move close Singapore 2881.79 2884.64 -0.10 Bangkok 1509.92 1509.78 0.01 Manila 7639.79 7719.24 -1.03 Jakarta 5420.648 5472.317 -0.94 Kuala Lumpur 1662.92 1661.25 0.1 Ho Chi Minh 687.04 684.2 0.42 Change so far this year Market Current End prev yr Pct Move Singapore 2881.79 2882.73 -0.03 Bangkok 1510.28 1288.02 17.26 Manila 7639.79 6952.08 9.89 Jakarta 5420.648 4593.008 18.02 Kuala Lumpur 1662.92 1692.51 -1.75 Ho Chi Minh 687.04 579.03 18.65 (Reporting by Anusha Ravindranath; Additional reporting by Susan Mathew and Fransiska Nangoy; Editing by Sunil Nair)
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