October 10, 2018 / 4:37 AM / 14 days ago

SE Asia Stocks-Philippines hits 3-1/2-month low; Singapore slips further

    * Thailand gains over 1 pct, Singapore down for 5th session
    * Philippine trade gap stays above $3 bln for 5th month in
Aug

    By Niyati Shetty
    Oct 10 (Reuters) - Philippine shares fell 1 percent to a
three-and-a-half-month low on Wednesday after data showed a
persistently wide trade gap for August, while Singapore stocks
extended losses into a fifth session.
    Investor sentiment took a hit after the International
Monetary Fund said risks to the global financial system could
increase sharply if pressures in emerging markets escalate or
global trade relations deteriorate further. 
    New IMF research also shows emerging market countries
excluding China could face debt portfolio outflows of up to $100
billion, a level last seen during the 2008 global financial
crisis.
    The Philippine stock index declined for a fourth
session in five and breached the 7,000 level for the first time
since June 27.
    "Being an export-oriented country, a slowdown in projected
global growth is going to affect the external segment of our
economy which is mostly exports and services," said Jose Vistan,
research head at AB Capital Securities.
    Data released earlier in the day showed trade deficit stayed
well above $3 billion for the fifth straight month in August,
with economists saying the wide trade gap will continue to
pressure the peso which has been stuck near 13-year lows against
the dollar.
    Industrial and real estate stocks were the top losers, with
JG Summit Holdings sliding 2.1 percent and Ayala Land
 declining 1.8 percent. 
    Singapore shares hit their lowest since Sept. 19,
ahead of the central bank's policy review on Friday where a slim
majority in a Reuters poll of economists predict a
tightening.
    Financials were the top losers with DBS Group Holdings 
 shedding as much as 1.1 percent, while Oversea-Chinese
Banking Corporation slipped 0.6 percent.
    Malaysian shares fell 1 percent, extending losses
into a sixth session, weighed down by Axiata Group and
Tenaga Nasional. 
    Meanwhile, Thai shares rose over 1 percent, boosted
by energy and financial stocks, after closing marginally higher
following a five-session losing streak. 
    Recent falls seem to have made Thai equities less expensive,
so some buying is seen from institutional investors, as well as
retail investors who look to invest long-term for tax benefits,
said Teerada Charnyingyong, an analyst with Phillip Capital
Thailand. 
    PTT PCL gained 2.4 percent, while PTT Exploration
and Production advanced 2.4 percent.      
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0427 GMT 
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3142.43   3166.6          -0.76
 Bangkok            1714.59   1696.92         1.04
 Manila             7000.03   7059.38         -0.84
 Jakarta            5803.544  5796.79         0.12
 Kuala Lumpur       1757.11   1774.15         -0.96
 Ho Chi Minh        996.79    996.19          0.06
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3142.43   3402.92         -7.65
 Bangkok            1714.59   1753.71         -2.23
 Manila             7000.03   8558.42         -18.21
 Jakarta            5803.544  6355.654        -8.69
 Kuala Lumpur       1757.11   1796.81         -2.21
 Ho Chi Minh        996.79    984.24          1.28
 
 (Reporting by Niyati Shetty in Bengaluru; Editing by Subhranshu
Sahu)
  
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