August 27, 2019 / 10:21 AM / 5 months ago

SE Asia Stocks-Philippines slumps to 3-month lows on property stocks

    * Indonesia gains 1% to one-week closing high
    * Malaysia marks lowest close in nearly 4 years
    * Telecom, financial sectors weigh on Thailand

    By Soumyajit Saha
    Aug 27 (Reuters) - Philippine stocks plunged nearly 2% on
Tuesday to three-month closing lows, dragged by property stocks
on fears the government may halt online gambling, while
Indonesian shares rose on optimism about government stimulus.
    The archipelago's anti-money laundering body said it was
scrutinizing the country's online gambling industry to determine
the impact on the economy if it stopped operating.
    China has urged the Philippines to ban online gaming to
support its crackdown on cross-border gambling. Online gambling
companies are a boon for the local economy, drawing many
visitors from China who work in them, fuelling property demand
and retail spending.
    Lack of positive catalysts coupled with negative sentiments
in the property sector after China's urge to ban online gambling
hurt risk appetite, said Rachelle Cruz, a research analyst with
AP Securities.
    The benchmark stock index closed 1.8% lower, with
Ayala Land and Ayala Corp shedding 3.4% and
1.9% respectively.
    Indonesian shares gained 1% to a one-week closing
high, helped by financial and consumer sectors.
    Risk sentiment was boosted as the government's decision to
relocate the capital city from Jakarta solidified confidence
that it would walk the talk on stimulus proposed in the 2020
budget draft, said Andrey Wijaya, a senior analyst at RHB
Sekuritas Indonesia.
    Ten days after unveiling a $177.71 billion budget for 2020,
the government said it would relocate the capital to the island
of Borneo and it would cost about $32.79 billion. 
    The government also promised to focus on investments in
infrastructure, human resources and social security.
    Among gainers, Unilever Indonesia and lender Bank
Rakyat Indonesia (Persero) added 3.1% and 3.2%,
    Thai shares closed about 0.5% lower, weighed down by
telecoms and financials. True Corp fell 2.4%, while
Kasikornbank PCL lost 1.9%.
    Thailand's manufacturing production index in July dropped
3.23% from a year earlier, a greater fall than expected, dragged
down by lower production of cars, petroleum and steel.

    Malaysian shares fell to their lowest close in
nearly four years, hurt by losses in financials.
    Lender Hong Leong Bank and financial services
provider Hong Leong Financial Group lost 2.9% and
4.4%, respectively. 

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 STOCK MARKETS                                    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3067.52   3065.33         0.07
 Bangkok                1615.47   1622.73         -0.45
 Manila                 7747.38   7889.41         -1.80
 Jakarta                6278.171  6214.51         1.02
 Kuala Lumpur           1590.84   1600.53         -0.61
 Ho Chi Minh            976.79    982.88          -0.62
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3067.52   3068.76         -0.04
 Bangkok                1615.47   1563.88         3.30
 Manila                 7747.38   7,466.02        3.77
 Jakarta                6278.171  6,194.50        1.35
 Kuala Lumpur           1590.84   1690.58         -5.90
 Ho Chi Minh            976.79    892.54          9.44
 (Reporting by Soumyajit Saha; Editing by Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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