September 16, 2019 / 10:18 AM / 5 months ago

SE Asia Stocks-Indonesia plunges nearly 2% on tobacco stocks

    * Weak China data, oil rally weigh on SE Asia
    * Philippines reverses course to end higher
    * Malaysian markets closed for holiday

    By Anushka Trivedi
    Sept 16 (Reuters) - Indonesian shares slumped nearly 2% on
Monday, dragged by tobacco stocks after the government announced
a steep price hike, while most other Southeast Asian markets
traded in a thin range as weak China data and a surge in oil
prices stoked slowdown worries.
    The Indonesian government said late on Friday it would raise
the minimum price of cigarettes across categories by an average
of 35% from Jan. 1 next year and increase the excise tax on
tobacco products by 23%, as part of its efforts to reduce
smoking rates.
    Top cigarette maker Hanjaya Mandala Sampoerna Tbk PT
 plunged over 18%, its sharpest in two decades, while
Gudang Garam Tbk PT dived more than 20.5%, its biggest
since 1994.
    The benchmark Jakarta stock index ended 1.8% lower,
posting its lowest close in over one month and extending losses
into a third session.
    A bigger-than-expected drop in August exports and sharp
decline in imports also weighed on the market.
    Meanwhile, other Southeast Asian markets were subdued as
fresh economic data out of China signalled increasing weakness
in an economy lashed by trade headwinds and soft domestic
    Industrial production grew at the weakest pace in 17-1/2
years, while retail sales growth came in below expectations.

    Crude oil prices surged as a drone attack on Saudi Arabia's
key oil facilities fanned supply shortage concerns and chances
of long-term geopolitical tensions amid a global economic slump.

    Singapore stocks, which are heavily exposed to the
Chinese economy, fell 0.2%, dragged by financial and industrial
    Index heavyweights Jardine Strategic Holdings Ltd
and DBS Group Holdings Ltd shed 0.7% and 0.4%,
    Philippine stocks reversed course to close slightly
higher as investors made some market-on-close orders, said
Rachel Cruz, a research analyst with AP Securities.
    "People at this point are tentative and would rather
increase their exposure to defensive stocks," Cruz said.
    International Container Terminal Services Inc
jumped 4.4%, while electricity retailer Aboitiz Power Corp
 rose 3.6%. 
    Thai stocks ended largely flat, with state-run oil
and gas giant PTT PCL rising 3.3% to an over six-week
    Malaysian equity markets were closed for a holiday.

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 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3203.93   3211.49         -0.24
 Bangkok                1662.93   1661.96         0.06
 Manila                 7996.9    7992.32         0.06
 Jakarta                6219.435  6334.843        -1.82
 Ho Chi Minh            989.86    987.22          0.27
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3203.93   3068.76         4.40
 Bangkok                1662.93   1563.88         6.33
 Manila                 7996.9    7,466.02        7.11
 Jakarta                6219.435  6,194.50        0.40
 Ho Chi Minh            989.86    892.54          10.90
 (Editing by Subhranshu Sahu)
Nuestros Estándares:Los principios Thomson Reuters
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