November 9, 2016 / 10:22 AM / 2 years ago

SE Asia Stocks-Painted red by Trump triumph

By Rushil Dutta
    Nov 9 (Reuters) - Southeast Asian stock markets plunged on
Wednesday after Republican Donald Trump's shock victory in the
U.S. presidential election, with Philippines dipping to its
lowest since May 10, when Rodrigo Duterte was elected president.
    Stocks across the world dived in disbelief over Trump's win,
that many reckon could trigger global political disorder. 
    Most polls had predicted that rival Democrat Hillary Clinton
 would win.
    Philippine stocks posted a near six-month closing
low, paced by declines in consumer stocks and financials. 
    Ralph Christian Bodollo, an equity research analyst with
Manila-based RCBC Securities, said Trump's victory would be
negative for risk assets.
    BPO services provider Ayala Corp recorded its
biggest intraday loss in over a year, while Megaworld Corp
, which leases property to BPO enterprises, touched its
biggest intraday percentage loss since Jan. 20.
    Analysts had expressed concerns for Philippine BPO
businesses if Trump were to be elected. 
    "Trump has always said 'Make America great again', so I
guess there is a concern we might lose those outsourcing jobs,"
said April Lee-Tan, Vice President, COL Financial Group. 
    Singapore, Indonesia and Malaysian 
stocks lost around 1 percent each, with energy stocks performing
poorly across the board on weakened oil prices. 
    While Indonesia saw its biggest intraday percentage loss
since the Brexit vote, shares of firms controlled by Trump's
Indonesian business partner gained. 
    Trump has a partnership with Indonesian tycoon Hary
Tanoesoedibjo, whose PT MNC Investama Tbk surged 15.9
    Thai shares, which lost as much as 1.6 percent
during the day, pared losses by closing 0.03 percent lower.
For Asian Companies click;  

  Change on day                                 
  Market         Current     Previous   Pct Move
  Singapore      2789.88     2820.24    -1.08
  Bangkok        1509.43     1509.84    -0.03
  Manila         7119.04     7307.8     -2.58
  Jakarta        5414.321    5470.681   -1.03
  Kuala Lumpur   1647.62     1663.82    -0.97
  Ho Chi Minh    670.26      676.46     -0.92
  Change on                             
  Market         Current     End 2015   Pct Move
  Singapore      2789.88     2882.73    -3.22
  Bangkok        1509.43     1288.02    17.19
  Manila         7119.04     6952.08    2.40
  Jakarta        5414.321    4593.008   17.88
  Kuala Lumpur   1647.62     1692.51    -2.65
  Ho Chi Minh    670.26      579.03     15.76

 (Reporting by Rushil Dutta; Additional reporting by Geo
Tharappel in Bengaluru; Editing by Sherry Jacob-Phillips)
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