SE Asia Stocks-Cautious; Philippines falls for 6th sesssion
* Philippines at 7-week closing low
* Singapore erases early losses, ends higher
By Karthika Suresh Namboothiri
Sept 12 (Reuters) - Southeast Asian stock markets ended on a
cautious note on Wednesday, as broader Asian peers hit a
14-month low amid worries of intensifying Sino-U.S. trade war,
with Philippine shares extending losses to a sixth straight
Sentiment in broader Asia remained sombre with MSCI's
broadest index of Asia-Pacific shares outside Japan
falling to its lowest levels since July 2017,
after China on Tuesday said it wanted to impose $7 billion a
year in sanctions on Washington.
"South Asia market risk is an entirely different kettle of
fish, and 'when in doubt, stay out', as there are few clear-cut
risk decisions on the back of the looming China tariffs...,"
Stephen Innes, Head of Trading APAC, OANDA, said in a research
The Philippine index fell nearly 1 percent to its
worst seven-week closing low, led by industrial stocks such as
JG Summit, down 5.5 percent, and Aboitiz Equity
Ventures which hit a more than five-year trough.
A weakness in emerging market currencies including the Peso,
coupled with quickening inflation in the Philippines has seen
Manila's benchmark index shedding nearly 5 percent over
the past six sessions.
Meanwhile, Singapore shares reversed course to end
0.6 percent higher, with lender Oversea-Chinese Banking Corp
climbing nearly 1 percent and shipbuilder Keppel Corp
gaining 2.2 percent.
Data showed that the city-state's total retail sales for
July declined 2.6 percent from a year earlier, dragged by a fall
in motor vehicles sales.
"Market concerns about U.S.-Sino trade tensions could have
contributed to dampened domestic consumer sentiments," OCBC Bank
said in a note.
Indonesian shares erased early gains and ended 0.6
percent lower. Bank Central Asia and Telekom Indonesia
, down about 2 percent each, were the biggest drags on
the index. An index of the country's 45 most liquid stocks
shed 0.7 percent.
Malaysian shares declined 0.8 percent to a near
four-week low. Telecom group Axiata lost 2.2 percent.
Thailand ended 0.4 percent higher while Vietnam
added 0.2 percent.
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Previous Close Pct Move
Singapore 3124.65 3109.91 0.47
Bangkok 1679.39 1672.42 0.42
Manila 7449.2 7518.01 -0.92
Jakarta 5798.151 5831.117 -0.57
Kuala Lumpur 1785.25 1799.17 -0.77
Ho Chi Minh 987.01 985.06 0.20
Change on year
Market Current End 2017 Pct Move
Singapore 3124.65 3402.92 -8.18
Bangkok 1679.39 1753.71 -4.24
Manila 7449.2 8558.42 -12.96
Jakarta 5798.151 6355.654 -8.77
Kuala Lumpur 1785.25 1796.81 -0.64
Ho Chi Minh 987.01 984.24 0.28
(Reporting by Karthika Suresh Namboothiri; Editing by Vyas
First Published: 2018-09-12 06:28:03
Updated 2018-09-12 12:24:17
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