October 2, 2018 / 4:52 AM / 2 months ago

SE Asia Stocks-Philippine slump deepens as real estate stocks drop

    * Philippines hits 3-month low
    * Asian trading remains lacklustre amid China holidays

    By Niyati Shetty
    Oct 2 (Reuters) - Philippine shares deepened their slump on
Tuesday as jitters over high inflation and tighter monetary
policy put the market on track for its fifth session of losses
in six, while other Southeast Asian stock markets put in dull
performances.
    Risk appetite turned fragile across the globe after U.S.
President Donald Trump said on Monday it was "too soon" for
Washington to hold trade talks with Beijing, crushing hopes of
some sort of resolution to global trade worries.
    "Positive tone is still in the air, and investors are
largely waiting for more hints that the global uncertainties are
going to be untangled," said Taye Shim, head of research at
Mirae Asset Sekuritas.
    Asian trading was dull as financial markets in China are
closed this week for national holidays. 
    Philippine shares slid as much as 1.6 percent to
their lowest in 3 months, deepening losses over three sessions
to nearly 3 percent. Real estate companies SM Prime Holdings
 and Ayala Land dropped as much as 6 percent
and 3.7 percent, respectively.
    Investors are waiting for the country's September inflation
data, due on Friday, after the central bank raised its interest
rates last week, the fourth time in five months. The central
bank has kept the door open for further tightening.
    Meanwhile, Singapore shares fell as much as 0.4
percent, with DBS Group Holdings losing 1 percent and
United Overseas Bank down 0.9 percent. 
    The country's September manufacturing data is due later in
the day. 

    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0408 GMT 
 Market             Current   Previous close  Pct Move
 Singapore          3250.59   3255.46         -0.15
 Bangkok            1758.31   1760.47         -0.12
 Manila             7108.18   7222.08         -1.58
 Jakarta            5954.114  5944.601        0.16
 Kuala Lumpur       1795.44   1792.46         0.17
 Ho Chi Minh        1017.61   1012.88         0.47
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3250.59   3402.92         -4.48
 Bangkok            1758.31   1753.71         0.26
 Manila             7108.18   8558.42         -16.95
 Jakarta            5954.114  6355.654        -6.32
 Kuala Lumpur       1795.44   1796.81         -0.08
 Ho Chi Minh        1017.61   984.24          3.39
 

 (Reporting by Niyati Shetty; Editing by Amrutha Gayathri)
  
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