November 3, 2016 / 5:46 AM / 2 years ago

CORRECTED-SE Asia Stocks-Philippines extends declines on U.S. election uncertainty

(Corrects "Previous Close" and "Pct Move" figures for Manila in
    By Sandhya Sampath
    Nov 3 (Reuters) - Philippine shares extended declines for a
ninth straight session on Thursday as investors remained
cautious ahead of the U.S. presidential election, and as
excitement around the market debut of Pilipinas Shell Petroleum
Corp fizzled out.
    Investor sentiment weakened as narrowing polls have led
markets to price in more risk that Donald Trump might defeat his
Democratic rival Hillary Clinton, perhaps remembering the
turmoil that followed the surprise Brexit vote. 
     "Asian markets are down because of the U.S. election and
most fund managers are just on a risk-off mood because of the
uncertainty. They are trying to get out of equity," said Mikey
Macainag, an analyst with Manila-based Sunsecurities Inc.    
    Shares in Pilipinas Shell Petroleum Corp, the Philippine
unit of Royal Dutch Shell PLC, opened flat on their
trading debut on the Philippine Stock Exchange on Thursday
following a $404 million initial public offering. 
    "The market has been trending downwards recently as a lot of
speculative money is stuck in Pilipinas Shell, especially the
local money. The effect will be such that if there is enough
volume at the end of the day in Shell, the short-term investors
would have gotten out," said Joseph Roxas, president of
Manila-based Eagle Equities.
    Continuing his tirade, Philippine President Rodrigo Duterte
chided the United States for halting the planned sale of 26,000
rifles to his country, calling those behind the decision "fools"
and "monkeys" and indicating he might turn to Russia and China
    The Philippine index fell 1.3 percent, dragged down
by financials and consumer staples, with conglomerate Ayala Land
Inc dropping 2 percent.
    Most Southeast Asian stock markets traded lower with
Singapore Index hitting a three-week low, paced by
declines in telecommunications sector.
    Telecom service provider Starhub Ltd, the biggest
loser on the Singapore index, reported third-quarter results
after market hours on Wednesday, with a 27.6 percent fall in net
profit and a 3 percent drop in revenue to S$585.3 million.
    Indonesia shares slipped, after a decline in oil
prices weighed down on the energy sector. Mining contractor
United Tractors Tbk PT lost as much as 1.9 percent.
    Bucking the trend, Thai shares gained 0.2 percent. 
    For Asian Companies click;  

  Change at 0538 GMT                                          
  Market                Current    Previous Close  Pct Move
  Singapore             2794.13    2807.14         -0.46
  Bangkok               1501.32    1498.65         0.18
  Manila                7156.44    7252.40         -1.30
  Jakarta               5384.682   5405.455        -0.38
  Kuala Lumpur          1654.93    1659.6          -0.28
 Ho Chi Minh            663.32     671.4           -1.20
  Change on year                                   
  Market                Current    End prev yr     Pct Move
  Singapore             2794.13    2882.73         -3.07
  Bangkok               1501.32    1288.02         16.56
  Manila                7156.44    6952.08         2.94
  Jakarta               5384.682   4593.008        17.24
  Kuala Lumpur          1654.93    1692.51         -2.22
 Ho Chi Minh            663.32     579.03          14.56
 (Reporting by Sandhya Sampath; Editing by Sherry
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