May 17, 2018 / 10:42 AM / 10 months ago

SE Asia Stocks-Philippines falls over 2 pct, Indonesia gives up early gains

    * Indonesia posts lowest close since May 8
    * Philippines extends fall into second day
    * Vietnam closes 2.3 percent lower

    By Karthika Suresh Namboothiri
    May 17 (Reuters) - Philippine shares fell over 2 percent on
Thursday, hurt by holding firms and property companies, while
Indonesian stocks erased early gains to close lower ahead of a
central bank policy decision.
    The Philippine Stock Exchange PSEI Index extended
falls into a second session and closed 2.2 percent lower. It has
declined 1.6 percent so far this month after three straight
monthly falls.
    Ayala Corp dropped over 5 percent, while SM Prime
Holdings closed 3.7 percent lower.
    A fall in March remittances would have also worried
investors, said Fio De Jesus, an equity research analyst with
RCBC Securities in Manila.     
    Indonesian shares closed 0.4 percent lower after
rising 1 percent intraday with financials being the top losers.
    Bank Central Asia declined 1.7 percent to its
lowest close since late April, while United Tractors 
rose 4.3 percent. 
    Bank Indonesia will raise its key interest rate to support
the rupiah and stabilise domestic markets, a majority of
economists in a Reuters poll said. The decision is due later in
the day.
    The rupiah has lost more than 5 percent against the
dollar since late January despite central bank intervention, and
in recent weeks has traded near its weakest level since December
    Vietnam shares declined 2.3 percent to a one-week
closing low.
    Malaysian shares finished 0.2 percent lower, hurt by
    Earlier in the day, they gained 0.5 percent on the back of
gains in consumer goods stocks after the new government said it
will introduce a sales and service tax to partly offset the
shortfall in revenue from effectively scrapping the general
sales tax (GST) from June.
    Public Bank Bhd fell 0.7 percent, while plantation
company Kuala Lumpur Kepong ended nearly 4 percent
    Malaysia's annual economic growth slowed to 5.4 percent in
the first quarter, data released by the central bank showed.

    Thai shares closed slightly higher, aided by energy
stocks. PTT Exploration and Production rose 6.5
percent with oil prices hitting their highest since November
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 Change on the day                           
 Market             Current  Previous close  Pct Move
 Singapore          3536.76  3533.05         0.11
 Bangkok            1751.2   1750.62         0.03
 Manila             7694.12  7869.56         -2.23
 Jakarta            5815.92  5841.464        -0.44
 Kuala Lumpur       1854.44  1858.26         -0.21
 Ho Chi Minh        1030.64  1054.62         -2.27
 Change on year                              
 Market             Current  End 2017        Pct Move
 Singapore          3536.76  3402.92         3.93
 Bangkok            1751.2   1753.71         -0.14
 Manila             7694.12  8558.42         -10.10
 Jakarta            5815.92  6355.654        -8.49
 Kuala Lumpur       1854.44  1796.81         3.21
 Ho Chi Minh        1030.64  984.24          4.71
 (Reporting by Karthika Suresh Namboothiri; Editing by
Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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