November 19, 2018 / 4:23 AM / in 8 months

SE Asia Stocks-Most subdued; Philippines extends gains

    * Singapore falls after two sessions of gains
    * Indonesia drops after four consecutive winning sessions
    * Philippines jumps 1.8 pct to two-week high
    * Thai stocks flat; data shows GDP growth stalled

    By Aman Swami
    Nov 19 (Reuters) - Philippine shares surged on Monday,
extending their rally on the back of last week's interest rate
hike, while other Southeast Asian stock markets were subdued
amid nervousness over the U.S.-China trade war.
    The benchmark Philippine index surged 1.8 percent to
a near two-week high and was on track for a fourth consecutive
session of gains.
    The Philippine central bank on Thursday raised its benchmark
interest rate for the fifth straight time in a bid to tackle
elevated inflation and bring it back to within its target range
next year.
    "Last week central bank hiking rates contributes to the
magnitude of the rally today," said Charles William Ang
associate analyst at COL Financial Group, Inc.  
    The central bank also forecast inflation would return to its
2-4 percent target range next year, suggesting its current
tightening cycle may be at an end. 
    Index heavyweight SM Investments Corp rose 2.3
percent, set to gain for a second straight session, while
country's oldest conglomerate Ayala Corp climbed as much
as 1.9 percent to hit over one-and-a-half-week high. 
    However, trading in most other regional markets were muted,
in line with Asian shares, as deep divisions between Washington
and Beijing at a summit of Asia-Pacific leaders tempered
expectations of a resolution in U.S-China trade war. 
    Asia-Pacific leaders failed to agree on a communique at a
summit in Papua New Guinea on Sunday for the first time in their
history as competition between the United States and China over
trade and investment stymied cooperation.
    Singapore shares fell 0.6 percent, with business
conglomerate Jardine Matheson Holdings Ltd plunging as
much as 3.2 percent, while United Overseas Bank Ltd
slipped 1 percent.
    Indonesian stocks fell 0.4 percent, after four straight
sessions of gains, dragged down by losses in telecommunication
and consumer sector. 
    Telekomunikasi Indonesia (Persero) Tbk slipped as
much as 2.7 percent, while conglomerate Astra International Tbk
PT shed 1.8 percent.
    Malaysian stocks edged lower, with Malaysia Airports
Holdings Bhd shedding as much as 2.1 percent and
conglomerate Genting Bhd dipping 2 percent.
    Thai shares were flat after the country's economy
surprisingly stalled in the third quarter, as exports and
tourism softened with the state planning agency showing less
optimism on growth for all of 2018.            
For Asian Companies click;  

 Change on day                            
 Market          Current  Previous Close  Pct Move
 Singapore       3065.8   3083.6          -0.58
 Bangkok         1636.63  1635            0.10
 Manila          7208.82  7083.34         1.77
 Jakarta         5986.61  6012.35         -0.43
 Kuala Lumpur    1700.42  1706.38         -0.35
 Ho Chi Minh     904.96   898.19          0.75
 Change on year                           
 Market          Current  End 2017        Pct Move
 Singapore       3065.8   3402.92         -9.91
 Bangkok         1636.63  1753.71         -6.68
 Manila          7208.82  8558.42         -15.77
 Jakarta         5986.61  6355.654        -5.81
 Kuala Lumpur    1700.42  1796.81         -5.36
 Ho Chi Minh     904.96   984.24          -8.05
 (Reporting by Aman Swami; Editing by Amrutha Gayathri)
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