January 16, 2019 / 4:52 AM / 6 months ago

SE Asia Stocks-Philippines slumps, most others subdued

    * Philippine index falls as much as 2 percent
    * SM Prime, Ayala biggest losers on Philippine benchmark

    By Shreya Mariam Job
    Jan 16 (Reuters) - Philippine stocks plunged on Wednesday
dragged down by two index heavyweights, while most other
Southeast Asian markets remained subdued tracking broader Asia
as optimism over China's economic stimulus waned.
    The Philippine benchmark index dropped as much as
2.03 percent in the day, pulled down by real estate and
industrial stocks.
    Shares of index heavyweight SM Prime Holdings Inc
tumbled 5.9 percent, after a media report here
 stated the Secretary of Department of Interior and Local
Government had said the reclamation projects in the Manila Bay
should be scrapped for the area's rehabilitation to succeed.    
    The Group had signed a 54.5 billion pesos ($1.04
billion)joint venture agreement with the Pasay City government
to reclaim 300 hectares of land in the Manila Bay area in 2013.
    "This comprises a big part of their expected reclamation.
So, this caused SM Prime to drop significantly," said Charles
William Ang, an analyst at COL Financial Inc. 
    Shares of Ayala Corp sank 4.7 percent after
Mitsubishi sold 13 million shares of the company at 900 pesos
per share which was a discount to the last close of 970.50
pesos.
    "These two are index heavyweights... I think the drop in the
index is because of them. So it is more company specific than
any thing in the economy," Charles added.
    The Malaysian benchmark dropped 0.4 percent, with
losses concentrated in financial and utility stocks. 
    Shares of Public Bank Bhd fell 1.1 percent, while
those of Tenaga Nasional Bhd shed 1.7 percent. 
    Meanwhile, most other markets in the region remained
subdued, tracking broader Asian peers, after their rally on
Tuesday owing to positive comments by Chinese officials that
allayed fears of a sharper slowdown in global growth. 
    MSCI's broadest index of Asia-Pacific shares outside Japan
 traded a touch lower.
    The Indonesian index rose marginally, helped by
energy and consumer cyclical stocks. 
    Shares of United Tractors Tbk PT rose 3.3 percent,
while those of Perusahaan Gas Negara Tbk PT advanced
4.7 percent.
    The Thai benchmark rose marginally, buoyed by energy
and consumer staple stocks. 
    Airports of Thailand PCL's counter gained 0.8
percent, while PTT PCL rose 0.5 percent.
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS As at 0441 GMT
    
 Change on day                             
 Market          Current   Previous Close  Pct Move
 Singapore       3217.2    3212.3          0.15
 Bangkok         1569.76   1577            -0.46
 Manila          7852.89   8013.42         -2.00
 Jakarta         6416.708  6408.784        0.12
 Kuala Lumpur    1672.2    1679.42         -0.43
 Ho Chi Minh     909.46    909.68          -0.02
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3217.2    3068.76         4.84
 Bangkok         1569.76   1563.88         0.38
 Manila          7852.89   8558.42         -8.24
 Jakarta         6416.708  6194.498        3.59
 Kuala Lumpur    1672.2    1690.58         -1.09
 Ho Chi Minh     909.46    984.24          -7.60
 

($1 = 52.1700 Philippine pesos)

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by Rashmi
Aich)
  
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