November 6, 2019 / 10:17 AM / 11 days ago

SE Asia Stocks-Philippines plunges over 2% on blue chips

    * Philippines falls most in nearly three months
    * Thai cenbank cuts interest rate by 25 bps
    * Singapore up for 3rd session, Indonesia retreats

    By Sameer Manekar
    Nov 6 (Reuters) - Philippine shares slumped over 2% on
Wednesday, retreating from a more than three-month closing high
hit in the previous session, dragged by blue chips including SM
Investments Corp and Ayala Land.
    Selling was broad-based with the top 10 stocks by market
value on the benchmark stock index closing in the red. SM
Investments Corp and Ayala Land shed 3.1% and
4.1%, respectively.
    The benchmark index closed 2.3% lower in its worst session
since Aug. 15, after having risen 5.6% since Sept. 30 as of
Tuesday's close.
    Investors locked in profit after the index clocked
significant gains in recent sessions, said Charles Ang,
associate analyst with COL Financial Group.
    Meanwhile, government data showed the country's trade
deficit widened in September from the previous
month.
    Among other Southeast Asian markets, financials sent
Indonesian shares lower after sharp gains in the
previous session.
    Index heavyweights Bank Central Asia and Bank
Mandiri (Persero) fell 1% and 3.1%, respectively.
    Indonesian President Joko Widodo urged bank executives to
help stimulate the economy, after Southeast Asia's largest
economy grew at its weakest pace in over two years in the third
quarter.
    An index of Jakarta's 45 most liquid stocks
finished 1.2% lower.
    Meanwhile, investors waited for concrete developments on the
Sino-U.S. trade war front after a report that the United States
was considering whether to withdraw its trade duties on $125
billion of Chinese goods imposed on Sept. 1.
    Thai stocks inched lower, snapping two straight
sessions of gains, after the central bank estimated the economy
to grow less than forecast in 2019 and exports to decline more
than predicted.
    The Bank of Thailand trimmed its policy rate by 25 basis
points to 1.25%, its second cut this year, as opposed to a
no-change forecast in a Reuters poll.
    Financials were up with Kasikornbank Pcl rising
1.4%, while among utilities, Gulf Energy Development PCL
 fell the most at 3.1%.
    Malaysian shares snapped two straight sessions of
gains, dragged by consumers and utilities companies. Sime Darby
Plantation and Petronas Gas closed down 0.8%
and 1.2%, respectively.
    Financials and industrials helped Singapore shares
close at their highest in over three months.
    Hongkong Land Holdings and Jardine Matheson
Holdings were the top gainers, rising 1.8% and 2.3%,
respectively.
        
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SOUTHEAST ASIAN STOCK MARKETS
      
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3262.69   3248.63         0.43
 Bangkok                1623.99   1626.87         -0.18
 Manila                 8025.88   8216.68         -2.32
 Jakarta                6217.545  6264.152        -0.74
 Kuala Lumpur           1603.25   1606.74         -0.22
 Ho Chi Minh            1024.91   1024.34         0.06
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3262.69   3068.76         6.32
 Bangkok                1623.99   1563.88         3.84
 Manila                 8025.88   7,466.02        7.50
 Jakarta                6217.545  6,194.50        0.37
 Kuala Lumpur           1603.25   1690.58         -5.17
 Ho Chi Minh            1024.91   892.54          14.83
 
 (Reporting by Sameer Manekar in Bengaluru; Editing by
Subhranshu Sahu)
  
Nuestros Estándares:Los principios Thomson Reuters
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