September 27, 2019 / 10:33 AM / in 5 months

REFILE-SE Asia Stocks-Philippines drops to over 3-week low; most other markets fall

 (Corrects to remove extraneous words in sixth paragraph)
    * Philippines posts 0.7% weekly loss
    * Malaysia closes at over four-year low
    * Thai shares rise on consumer stocks

    By Anushka Trivedi
    Sept 27 (Reuters) - Philippine stocks closed at their lowest
in over three weeks on Friday as investors pulled out cash to
invest in an influx of new listings, while most other regional
markets inched lower as dismal China data fanned concerns about
slowing growth.
    Movement in the Philippines' benchmark had been muted for
most of the week, though Friday's 1% fall led to a weekly loss
of 0.7%. 
    "Right now the market is suffering from outflows because
investors are preparing for IPOs in the pipeline", said Oliver
Plana, head of sales at Asiasec Equities.
    Financial and industrial stocks dominated losses on the 
index, with SM Prime Holdings falling 1.6%.
    Furnishing retailer AllHome Corp and coconuts
products maker Axelum Resources Corp were among the
latest companies to price their IPOs, as the Southeast Asian
nation sees a revival in listings after just one new float last
    Escalating concerns over a slowdown in the economy prompted
the country's central bank to unveil a 100 basis point cut in
the banks' reserve requirement after market close, following an
ease in monetary policy on Thursday.
     Analysts said the central bank's move to cut its benchmark
interest rate for a third time this year on Thursday had largely
been priced in. 
    Most other Southeast Asian markets traded lower after data
showed a contraction in China's August industrial profit due to
weak demand and a trade spat with the United States.
    Malaysian shares lost 0.6% to drop to their lowest
since Sept. 7, 2015, as financials faltered. The index posted
its fourth straight weekly loss.
    The country's biggest listed firm Malayan Banking Bhd
 fell 1.2% and was among the top drags. 
    Financials led declines in Indonesian shares as
well, with country's benchmark index sliding 0.5%.   
    Elsewhere, Thai stocks gained 0.4% as consumer
stocks climbed.
    The Thai government's latest stimulus package designed to
boost consumer spending, will benefit big cap consumer firms
such as CP ALL PCL and Berli Jucker PCL in
the coming days, said analysts at PhilipCapital.
    Vietnam shares climbed 0.7% on strength in
For Asian Companies click;  

 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3125.63   3125.81         -0.01
 Bangkok                1643.76   1636.75         0.43
 Manila                 7819.22   7896.48         -0.98
 Jakarta                6196.889  6230.334        -0.54
 Kuala Lumpur           1584.14   1593            -0.56
 Ho Chi Minh            997.84    990.75          0.72
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3125.63   3068.76         1.85
 Bangkok                1643.76   1563.88         5.11
 Manila                 7819.22   7,466.02        4.73
 Jakarta                6196.889  6,194.50        0.04
 Kuala Lumpur           1584.14   1690.58         -6.30
 Ho Chi Minh            997.84    892.54          11.80

 (Editing by Aditya Soni)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below