SE Asia Stocks-Fall; Philippines down more than 1 pct

SE Asia Stocks-Fall; Philippines down more than 1 pct
By Chris Thomas
Dec 15 (Reuters) - Southeast Asian stock markets fell on
Friday, tracking Asian shares and Wall Street which slipped
overnight on concerns over potential roadblocks to U.S. tax
reform, with the Philippine index down more than 1 percent on
Congressional Republicans reached a deal on final tax
legislation, but the conservative party faces opposition from
within as some Senators remained unsettled about their support
for the bill.
Asian shares dropped as much as 0.6
percent, their sharpest intraday percentage loss in over a week,
while major U.S. stock indexes fell, with the S&P 500
down the most in a month.
In Southeast Asia, Philippines fell as much as 1.2
percent, marking its biggest intraday percentage decline in two
weeks, with index heavyweight SM Investments Corp down
as much as 3.4 percent.
"It could be profit-taking from yesterday's rapid rise,"
said Fio Dejesus, an analyst with RCBC Securities in Manila.
The Philippine index, which has risen a net 4.7 percent in
the last eight sessions, rose more than 1.2 percent on Thursday
after the Congress approved a much awaited tax-reform bill. It
is on track to end the week 0.7 percent higher.
Indonesian shares retreated from a record closing
high in the previous session, weighed down by financials and
telecom stocks, but are on track for a ninth week of gains in
An index of the country's 45 most liquid stocks
fell as much as 1 percent.
Singapore hit a one-week low, and is likely to finish
the week marginally lower.
Financials accounted for most of the losses on the index,
with top lenders United Overseas Bank Ltd, DBS Group
and Oversea-Chinese Banking Corp falling
between 0.8 percent and 2 percent.

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Change on day
Market Current Previous close Pct Move
Singapore 3419.32 3435.78 -0.48
Bangkok 1714.64 1714.99 -0.02
Manila 8368.34 8461.06 -1.10
Jakarta 6086.895 6113.653 -0.44
Kuala Lumpur 1754.64 1759 -0.25
Ho Chi Minh 934.25 935.85 -0.17

Change on year
Market Current End 2016 Pct Move
Singapore 3419.32 2880.76 18.70
Bangkok 1714.64 1542.94 11.13
Manila 8368.34 6840.64 22.33
Jakarta 6086.895 5296.711 14.92
Kuala Lumpur 1754.64 1641.73 6.88
Ho Chi Minh 934.25 664.87 40.52

(Reporting by Chris Thomas in Bengaluru; Editing by Biju

2017-12-15 06:29:04

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