January 16, 2019 / 10:12 AM / 6 months ago

SE Asia Stocks-Philippines slumps nearly 2 pct, most in 10 weeks

    * SM Prime, Ayala top drags in Philippines
    * Singapore rises for 8th session in nine

    By Shreya Mariam Job
    Jan 16 (Reuters) - Philippine shares fell the most in 10
weeks on Wednesday, dragged by real estate stocks, while most
other Southeast Asian markets were subdued as investors turned
apprehensive on how aggressive China needs to be in policies to
help its economy recover.
    The key Philippine stock index closed 1.9 percent
lower, with losses concentrated in the real estate sector as SM
Prime Holdings Inc, the country's biggest property
firm by market capitalisation, slumped on a report that one of
its reclamation projects may be shelved.
    The secretary of the Department of Interior and Local
Government said the reclamation projects in the Manila Bay
should be scrapped for the area's rehabilitation, GMA Network
reported bit.ly/2AP69IN.
    In 2013, the group 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.
    The project comprised a majority of the group's expected
reclamation and is the reason behind the stock's plunge, said
Charles William Ang, an analyst with COL Financial Inc.
    Shares of SM Prime fell 6.9 percent to a two-week closing
low in heavy trade. Over 45.5 million shares changed hands, 3.3
times the 30-day average.
    Ayala Corp, another index heavyweight, sank 5.3
percent to a two-week closing low after Mitsubishi sold 13
million shares of the company at a 7.3 percent discount to
Tuesday's close.
    "I think the drop in the index is because of them. So, it is
more company-specific than anything in the economy," Charles
    Meanwhile, China's central bank injected a record $83
billion into the country's financial system, seeking to avoid a
cash crunch that would put further pressure on the weakening
    With rising uncertainty over the ailing economy, most stock
markets in the region remained rangebound as investors adopted a
wait-and-watch approach. 
    Malaysian shares fell 0.4 percent, weighed down by
financial and utility stocks. Public Bank Bhd shed 1.1
percent, while Tenaga Nasional Bhd dropped 1.9
    Singapore shares closed higher for an eighth session
in nine, helped by financial and consumer non-cyclical stocks. 
    Thai Beverage Pcl gained 2.1 percent, while DBS
Group Holdings Ltd firmed 0.6 percent.  
    For Asian Companies click;  

 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3229.11  3212.3          0.52
 Bangkok                1577.41  1577            0.03
 Manila                 7864.7   8013.42         -1.86
 Jakarta                6413.36  6408.784        0.07
 Kuala Lumpur           1673.08  1679.42         -0.38
 Ho Chi Minh            908.7    909.68          -0.11
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3229.11  3068.76         5.23
 Bangkok                1577.41  1563.88         0.87
 Manila                 7864.7   7,466.02        5.34
 Jakarta                6413.36  6,194.50        3.53
 Kuala Lumpur           1673.08  1690.58         -1.04
 Ho Chi Minh            908.7    892.54          1.81
 ($1 = 52.2300 Philippine pesos)

 (Reporting by Shreya Mariam Job in Bengaluru; Editing by
Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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