SE Asia Stocks-Post weekly losses; Singapore hits 16-mth low

* Philippines proves worst weekly performer in the region
* Singapore loses 2.5 percent this week
* Indonesia gains for second straight session

By Sumeet Gaikwad
Sept 7 (Reuters) - Southeast Asian stock markets ended the
week with steep losses as emerging market currency woes and
global trade tensions sent investors fleeing from risky assets,
with Singapore dropping to its lowest close in more than 16
months on Friday.
Indonesian shares bounced back further in the session, but
still ended the week down 2.8 percent, while the Philippines'
3.3 percent drop on the week was the steepest in the region.
Rising U.S. interest rates, worsening global trade
environment and sell-off in emerging market currencies have
pressurized global markets this year with no sight of immediate
relief.
The Philippine central bank will take all actions necessary
to deal with speculative activity to prevent sharp swings in the
foreign exchange market, its governor said on Friday, as the
peso hit a more than 12-year low against the dollar.

Philippine shares dropped to a two-week low in the
session, as blue chips SM Investments Corp and Ayala
Corp fell 2.2 percent and 2.9 percent, respectively.
Singapore shares fell to their lowest close in over
16 months, led by a decline in financial stocks as DBS Group
Holdings and Oversea-Chinese Banking Corp
declined 1 percent and 0.5 percent, respectively.
Thai shares closed lower, weighed down by energy
stocks, bringing the weekly drop to nearly 2 percent.
Meanwhile, Indonesian shares extended gains to a
second straight session.
Consumer products maker Unilever Indonesia jumped
5.7 percent, while diversified conglomerate Astra International
rose 5.5 percent.
The index of the country's 45 most liquid stocks
was up 1.9 percent.
Malaysian shares ended largely unchanged. The
country's industrial output rose 2.6 percent in July from a year
earlier, beating economists' forecast by a large margin,
government data showed on Friday.

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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Previous Close Pct Move
Singapore 3134.39 3147.69 -0.42
Bangkok 1689.49 1693.94 -0.26
Manila 7598.64 7638.71 -0.52
Jakarta 5851.465 5776.095 1.30
Kuala Lumpur 1799.17 1798.57 0.03
Ho Chi Minh 968.9 958.19 1.12

Change on year
Market Current End 2017 Pct Move
Singapore 3134.39 3402.92 -7.89
Bangkok 1689.49 1753.71 -3.66
Manila 7598.64 8558.42 -11.21
Jakarta 5851.465 6355.654 -7.93
Kuala Lumpur 1799.17 1796.81 0.13
Ho Chi Minh 968.9 984.24 -1.56

(Reporting by Sumeet Gaikwad in Bengaluru; Editing by Amrutha
Gayathri)


First Published: 2018-09-07 05:59:55
Updated 2018-09-07 11:50:15


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