January 20, 2020 / 10:01 AM / a month ago

SE Asia Stocks-Philippines at lowest close in 3 mths on real estate, infra stocks

    * Ayala Land, Ayala Corp, Metro Pacific drag down
    * Protest against new bills hurts risk sentiment in
    * Siam Commercial drops to lowest close in over 8 years

    By Soumyajit Saha
    Jan 20 (Reuters) - Philippine stocks dropped over 2%
to their lowest close in over three months, hurt by losses in
the real estate and infrastructure sectors, while banking shares
dragged down the Thai index.
    Heavyweight real estate developer Ayala Land,
conglomerate Ayala Corp and utilities company Metro
Pacific Investments Corp fell between 5.4% and 7%,
after increased government scrutiny on certain projects.
    Philippine president Rodrigo Duterte on Friday said he would
be reviewing the Manila Light Rail Transit contract, part of
which is with a consortium of Ayala Corp and Metro Pacific
Investments, the Manila Times reported here
 on Sunday.
    According to a separate Manila Times story here
 the Presidential spokesperson on Sunday said the Ayala
Technohub, an Ayala Land IT park project, might be subjected to
an investigation. 
    "It looks like the purported review of the two contracts
could be exerting pressure on the two entities (Ayala group and
Metro Pacific Investments)" Charles William Ang, associate
analyst at COL Financial Group said.
    Losses in the banking sector dragged Thai shares down.
    Lender Siam Commercial Bank dropped 12.8% to its
lowest close in over 8 years, on reporting lower quarterly net
interest income and attributable profit on Friday.
    Indonesian stocks declined, as losses in the
consumer and banking sectors weighed on the index. 
    Cigarette maker Hanjaya Mandala Sampoerna was down
2.2%, while lender Bank Negara Indonesia (Persero) gave
up 2.9%.
    An index of Indonesia's 45 most liquid stocks was
down 0.7%.
    Protests by several thousand Indonesian workers against the
so-called "omnibus" bills, covering 79 laws and meant to replace
dozens of overlapping laws seen as obstacles to investment,
soured market sentiment.   
    "We think that investors are re-calibrating their excitement
of the omnibus law acting as a key catalyst for the nation's
growth," said Taye Shim, head of research at Mirae Asset
For Asian Companies click;  

  STOCK MARKETS                                             
  Change on the day                                         
  Market               Current    Previous       Pct Move
  Singapore            3280.09    3281.03        -0.03
  Bangkok              1589.11    1600.48        -0.71
  Manila               7552.6     7722.58        -2.20
  Jakarta              6245.043   6291.657       -0.74
  Kuala Lumpur         1588.88    1595.81        -0.43
 Ho Chi Minh           978.63     978.96         -0.03
  Change so far in                               
  Market               Current    End 2019       Pct Move
  Singapore            3280.09    3222.83        1.78
  Bangkok              1589.11    1579.84        0.59
  Manila               7552.6     7,815.26       -3.36
  Jakarta              6245.043   6,299.54       -0.87
  Kuala Lumpur         1588.88    1588.76        0.01
  Ho Chi Minh          978.63     960.99         1.84

 (Reporting by Soumyajit Saha in Bengaluru)
Nuestros Estándares:Los principios Thomson Reuters
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