(Corrects the values in the 3rd column of the second table to
show end 2019 figures, not end 2018, and the values for the
percentage changes in 4th column in the second table.)
* Philippine index hits lowest since Dec. 20, 2019
* Singapore rises as Q4 GDP growth picks up
* U.S. President Trump's remarks buoy equities
By Shruti Sonal
Jan 2 (Reuters) - Philippine shares slumped over 2% to their
lowest in about two weeks on utilities and industrials, while
most other Southeast Asian stock markets started the new year in
the green amid Sino-U.S. trade deal progress.
The Philippine index extended losses for the third
straight session, on their first trading day since Dec. 27,
2019.
"Foreign outflows continue to put pressure on the market,
and we may see no respite just yet until the issues on the water
concessionaires' contracts are clarified", an AP Securities note
said.
Utilities and industrials have been strained since
Philippines' water regulator cancelled the extension of
concession deals with the country's two largest utilities Manila
Water Co Inc and Maynilad Water Services after pressure
from President Rodrigo Duterte.
DMCI Holdings and Metro Pacific Investments Corp
, major shareholders of Maynilad Water Services, slumped
as much as 6.8% and 8.1%, respectively.
Meanwhile, most other markets in the region gained on their
first trading day of 2020, buoyed by easing Sino-U.S. trade
tensions and positive policy thrust from China.
U.S. President Donald Trump said on Tuesday that Phase 1 of
trade deal with China would be signed on Jan. 15 at the White
House, though considerable confusion remains about the details
of the agreement.
News of monetary policy easing by China, the region's top
trade partner, also aided sentiment after the country's central
bank on Wednesday cut the amount of cash that banks must hold as
reserves to boost the economy.
Amid the trade deal cheer and Beijing's policy thrust
"market is set to start 2020 on a solid footing", said Zhu
Huani, analyst at Mizuho Bank in a note.
Trade-sensitive Singapore shares rose as its fourth
quarter GDP data came in line with expectations firmed
expectations for a modest recovery in 2020.
Thai and Malaysian stocks gained over 0.4%
each, while Indonesian equities edged lower.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3235.55 3222.83 0.39
Bangkok 1587.83 1579.84 0.51
Manila 7643.98 7815.26 -2.19
Jakarta 6283.573 6299.539 -0.25
Kuala Lumpur 1595.5 1588.76 0.42
Ho Chi Minh 961.73 960.99 0.08
Change so far in 2020
Market Current End 2019 Pct Move
Singapore 3235.55 3222.83 0.39
Bangkok 1587.83 1579.84 0.51
Manila 7643.98 7815.26 -2.19
Jakarta 6283.573 6299.539 -0.25
Kuala Lumpur 1595.5 1588.76 0.42
Ho Chi Minh 961.73 960.99 0.08
(Reporting by Shruti Sonal; Editing by Shailesh Kuber)
Our Standards: The Thomson Reuters Trust Principles.