October 5, 2016 / 4:26 AM / 2 years ago

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
    "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
    Indonesian shares shed over 1 percent after hitting
their highest in nearly one-and-a-half year in the previous
    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

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  STOCK MARKETS                                        
 Change at 333                                         
  Market           Current       previous     Pct Move
  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)
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