October 24, 2016 / 5:21 AM / in 2 years

SE Asia Stocks-Philippines down as U.S. alliance concerns continue

By Geo  Tharappel
    Oct 24 (Reuters) - Philippine shares were on track for a
third straight session of losses as uncertainty prevailed over
the country's ties with Washington, while a continued market
correction after last week's gains also weighed on stocks.
    Confusion lingered over Manila's U.S. ties, despite
President Rodrigo Duterte saying on Saturday the United States
remains the Philippines' "closest friend", after earlier causing
alarm by announcing his country's "separation" from the U.S. and
realignment with China.
    The markets were down partly on the concerns over Duterte's
statements relating to break of ties with the U.S. although
there have been some clarifications, said Joseph Roxas,
president at Eagle Equities Inc in the Philippines.
    The most senior U.S. diplomat for Asia will meet the
Philippines' foreign minister on Monday, said the U.S. embassy
in Manila. 
    Markets were also pulling back as there was a 300-point
rally last week, Roxas added.
    The Philippine index fell as much as 1.03 pct to its
lowest in nearly two weeks, weighed down by consumer cyclicals
and financials.
    Conglomerate SM Investments Corp was the biggest
drag on the index, recording its biggest intraday percentage
fall in more than five weeks to fall as much as 2.4 percent.
    Singapore shares snapped two sessions of losses to
rise as much as 0.5 percent, led by financials and industrials,
with Oversea-Chinese Banking Corporation Ltd and
Jardine Matheson Holdings Ltd rising as much as 1.3
    Singapore's headline consumer price index fell in September
from a year earlier, dragged down by a decline in the cost of
housing, while core inflation unexpectedly slowed to a
five-month low. 
    The all-items consumer price index (CPI) in September
declined 0.2 percent from a year earlier, after falling 0.3
percent in August. The median forecast in a Reuters poll was a
drop of 0.2 percent.
    The Malaysian and Indonesian indices were
marginally higher while the Vietnamese index was down around
half a percent.
    Thailand is closed today for a holiday.
For Asian Companies click;  
  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Prev close   Pct Move
  Singapore        2843.35       2831.06      0.43
  Manila           7591.18       7650.22      -0.77
  Jakarta          5426.568      5409.243     0.32
  Kuala Lumpur     1675.75       1669.98      0.35
  Ho Chi Minh      679.79        684.83       -0.74
  Change so year                              
  Market           Current       End 2015     Pct Move
  Singapore        2843.35       2882.73      -1.37
  Manila           7591.18       6952.08      9.19
  Jakarta          5426.568      4593.008     18.15
  Kuala Lumpur     1675.75       1692.51      -0.99
  Ho Chi Minh      679.79        579.03       17.40
 (Reporting by Geo Tharappel in Bengaluru; Editing by Amrutha
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