September 17, 2019 / 10:15 AM / 5 months ago

SE Asia Stocks-Philippines skids as soaring oil prices weigh

    * Singapore falls after data shows exports slip in Aug
    * Vietnam up on last-minute buying in real estate stocks

    By Rashmi Ashok
    Sept 17 (Reuters) - Philippine stocks fell on Tuesday as
soaring crude oil prices stoked fears that the oil importing
nation's trade deficit could widen further, while Singapore
slipped after data showed exports contracted for a sixth
straight month in August.
    Crude oil prices jumped nearly 15% on Monday as attacks on
Saudi oil facilities over the weekend halved the kingdom's oil
output, creating the biggest disruption to global oil supplies
in decades and raising tensions in the Middle East.
    For countries that are running trade deficits, such as the
Philippines, higher oil prices run the risk of widening their
deficit and subsequently exerting downward pressure on the
currency. A weaker currency in turn further drives up the
country's spend on oil imports.
    "The question now is, how long will the prices stay high or
when will the supply normalise? Some say a few weeks, others say
few months," said Charles William Ang, associate analyst, COL
Financial Group.
    "If the market believes that oil prices will continue to
spike, then a correction in the market is certainly a distinct
    Philippine stocks shed 0.8%, making them the region's
 worst performers. SM Investments Corp lost 1.5%, while
land developer Ayala Land shed 2.2%.
    Indonesian stocks closed slightly higher, recovering
from a near 2% drop in the prior session.
    Indonesia, which has swung between a current account deficit
and surplus in recent months and is a net oil importer, may also
come under pressure if the oil spike lasts.
    Singapore stocks fell after data showed exports
shrank for a sixth straight month. The figures were slightly
better than expectation but failed to lift investor
    Conglomerate Jardine Strategic Holdings and
CapitaLand Ltd slipped 1.8% and 1.7%, respectively.
    Meanwhile, Vietnam shares added 0.7%, driven by
last-minute buying in real estate stocks with Vinhomes JSC
 tacking on 2%.
    Malaysian stocks see-sawed throughout the session to
close marginally higher.    
For Asian Companies click;  

 Change on the day                               
 Market                 Current  Previous close  Pct Move
 Singapore              3183     3203.93         -0.65
 Bangkok                1663.93  1662.93         0.06
 Manila                 7932.23  7996.9          -0.81
 Jakarta                6236.69  6219.435        0.28
 Kuala Lumpur           1604.3   1601.25         0.19
 Ho Chi Minh            996.74   989.86          0.70
 Change so far in 2019                           
 Market                 Current  End 2018        Pct Move
 Singapore              3183     3068.76         3.72
 Bangkok                1663.93  1563.88         6.40
 Manila                 7932.23  7,466.02        6.24
 Jakarta                6236.69  6,194.50        0.68
 Kuala Lumpur           1604.3   1690.58         -5.10
 Ho Chi Minh            996.74   892.54          11.67
 (Reporting by Rashmi Ashok in Bengaluru; Editing by Subhranshu
Nuestros Estándares:Los principios Thomson Reuters
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