February 27, 2019 / 4:22 AM / 3 months ago

SE Asia Stocks-Most fall; Philippines worst hit ahead of corporate results

    * Philippine index down 0.8 pct; Singapore near 1-week high
    * Thai stocks on track for second straight session of loss
    * Vietnam gains ahead of Trump-Kim meet 

    By Shriya Ramakrishnan
    Feb 27 (Reuters) - Philippines fell the most across
Southeast Asian stock markets on Wednesday, as investors adopted
a wait-and-watch approach ahead of corporate earnings results,
while industrial and consumer sectors boosted Singapore's index.
    The Philippine benchmark index fell 0.8 percent,
dragged down by industrial and consumer stocks.
    Index heavyweights SM Prime Holdings and SM
Investments Corp, which are yet to report earnings
results, dipped 1.8 percent and 1.5 percent, respectively. 
    "Convincing break of the said (benchmark) resistance will be
due to an improvement in corporate earnings growth and that's
what investors are currently waiting for," said Rachelle C Cruz,
an analyst at Manila-based AP Securities. 
    Meanwhile, markets in the region also remained wary on the
possibility of a Sino-U.S. trade deal, amid conflicting comments
from U.S. President Donald Trump. 
    The Malaysian benchmark, which has been the worst
performing index since the turn of the year, slipped 0.3
percent, pulled down by financial and consumer stocks.
    Sime Darby Plantation, the world's biggest oil
palm planter by holdings, dropped 1.9 percent while index
heavyweight Axiata Group Bhd fell 0.7 percent.
    The Thai index edged lower, with industrial and
utility stocks leading declines. 
    Thailand's TMB Bank Pcl on Tuesday announced a
non-binding agreement to merge with Thanachart Bank in a deal
worth up to 140 billion baht  ($4.46 billion), which would make
the new entity the sixth largest bank in the country.

    Bucking the regional trend, Singapore stocks climbed
0.6 percent, with industrial conglomerate Jardine Matheson
Holdings advancing 2 percent, while Jardine Strategic
Holdings added 1 percent.
    The Vietnam index rose 0.4 percent, supported by
financial and consumer stocks. 
    Trump met Vietnam President Nguyen Phu Trong in Hanoi on
Wednesday, hours before the U.S. president was due to meet North
Korean leader Kim Jong Un for their second summit.
    Also, Vietnam received $2.58 billion in foreign direct
investment (FDI) in January-February, up 9.8 percent from the
same period a year earlier.

   

($1 = 31.4000 baht)
    
   STOCK MARKETS AS AT 0349 GMT
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3282.04   3261.66         0.62
 Bangkok                1660.2    1663.56         -0.20
 Manila                 7924.31   7988.16         -0.80
 Jakarta                6524.488  6540.95         -0.25
 Kuala Lumpur           1713.85   1719            -0.30
 Ho Chi Minh            990.87    987.06          0.39
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3282.04   3068.76         6.95
 Bangkok                1660.2    1563.88         6.16
 Manila                 7924.31   7,466.02        6.14
 Jakarta                6524.488  6,194.50        5.33
 Kuala Lumpur           1713.85   1690.58         1.38
 Ho Chi Minh            990.87    892.54          11.02
 

 (Reporting by Shriya Ramakrishnan in Bengaluru; Editing by
Rashmi Aich)
  
Nuestros Estándares:Los principios Thomson Reuters
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