September 6, 2018 / 9:54 AM / 3 months ago

SE Asia Stocks-Philippines extends slump, Indonesia recovers

    * Philippines falls to two-week closing low
    * Malaysia climbs after five sessions of losses

    By Sumeet Gaikwad
    Sept 6 (Reuters) - Philippine stocks fell sharply for a
second straight session on Thursday as the country's high
inflation rate kept the mood sour and added to market jitters
arising from Turkey and Argentina.
    Indonesian shares clawed back from a steep decline in the
previous session, their worst one-day drop in nearly two years.
However, the rupiah lingered near its weakest level last seen
two decades ago.  
    "The onslaught of strong USD and sell-off in emerging market
currencies, led by the Argentine Peso and Turkish Lira have
paused, with some signs of buy-back," Mizuho Bank said in a
report.
    "But this pause should not be mistaken as a turning point
because there is no sight of a panacea for the underlying chills
about emerging markets just yet."
    Philippine shares fell 1.5 percent to their lowest
close in over two weeks.
    The country's annual inflation rate hit its highest in
nearly a decade in August, data showed on Wednesday.

    "The action we have seen globally is really more of fleeing
to safety... basically outflows from risky assets," said Fio De
Jesus, an analyst at Manila based RCBC Securities. 
    The Philippines saw about $18.9 million of foreign outflows
on Thursday, according to Thomson Reuters data.
    Meanwhile, Indonesian shares marked their best
trading day in over two weeks, with the index of the country's
45 most liquid stocks up 2.2 percent. 
    Financials and consumer staples led the gains on the
Indonesian benchmark with Bank Central Asia rising 3
percent. 
    Singapore index fell for a second day, dragged down
by real estate and industrial stocks.
    Malaysian shares were marginally higher after five
sessions of declines.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
    
 Change on day                             
 Market          Current   Previous Close  Pct Move
 Singapore       3147.69   3156.28         -0.27
 Bangkok         1693.94   1686.37         0.45
 Manila          7638.71   7752.27         -1.46
 Jakarta         5776.095  5683.501        1.63
 Kuala Lumpur    1798.57   1795.5          0.17
 Ho Chi Minh     958.19    968.44          -1.06
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3147.69   3402.92         -7.50
 Bangkok         1693.94   1753.71         -3.41
 Manila          7638.71   8558.42         -10.75
 Jakarta         5776.095  6355.654        -9.12
 Kuala Lumpur    1798.57   1796.81         0.10
 Ho Chi Minh     958.19    984.24          -2.65
 
    

 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Amrutha
Gayathri)
  
Nuestros Estándares:Los principios Thomson Reuters
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