February 9, 2018 / 4:01 AM / 6 months ago

REFILE-SE Asia Stocks-Slump on Wall Street fallout

 (Corrects spelling in first paragraph)
    * Asian shares ex-Japan down 2 pct
    * Singapore drops to 3-month low
    * Philippine down as much as 2.6 pct

    By Nikhil Nainan
    Feb 9 (Reuters) - Southeast Asian stock markets tumbled on
Friday after Wall Street plummeted for yet another session, as
investors fled to safe havens in a highly volatile global
market. 
    U.S. markets remained the epicentre of the global sell-off,
with the Dow plunging 4.1 percent and the S&P 500
sinking 3.7 percent overnight.
    With Thursday's declines, the S&P 500 and the Dow
industrials confirmed they were in correction territory, both
falling more than 10 percent from January 26 record highs.
    Asian markets followed suit, with MSCI's broadest index of
Asia-Pacific shares outside Japan sliding 2
percent. 
    Philippine shares slid as much as 2.6 percent, with
real estate and financial stocks bearing the brunt. 
    "The fall in the U.S. markets precipitated the decline in
the Philippine market as well as the regional market," said
Manny Cruz, an analyst with Asiasec Equities Inc in Manila.
     To ease investor concerns of a potential U.S. rate hike,
Philippine central bank Governor Nestor Espenilla said on
Thursday that the country was well protected and the bank was
prepared to provide liquidity to the financial system if
necessary.
    The Philippine central bank kept its benchmark interest rate
steady on Thursday.
    "Given the increase in inflation for January, there is some
worry that Bangko Sentral ng Pilipinas (BSP) will be compelled
to increase rates, and this is the reason why you are seeing
some selling pressure on real estate stocks, especially blue
chip Ayala Land," added Cruz.
    Ayala Land fell as much as 3.2 percent, while SM
Investments Corp nosedived nearly 4 percent.
    The country posted a $29.8 billion trade deficit in 2017,
its largest on record, the Philippine Statistics Authority said
on Friday.
    Singapore shares reversed Thursday's gains to fall as
much as 2.2 percent, on track for a fifth session of losses in
six.
    Top lender DBS Group Holdings, which brought
temporary relief to the index on Thursday, amidst global market
uncertainty, fell as much as 3 percent.
    Its peers were among the top losers on the index, with
Oversea-Chinese Banking Corp Ltd falling to a 2-1/2
month low, and United Overseas Bank Ltd down as much
as 2.7 percent. 
    Malaysian shares slipped as much as 1.8 percent,
ahead of the industrial production data expected later in the
session.
    Malaysia's industrial production in December likely rose 4
percent from a year ago, a Reuters poll showed, slower than the
previous month.
    Tenaga Nasional Bhd and CIMB Group Holdings Bhd
 pulled the index lower, falling as much as 1.8 percent
and 3.5 percent, respectively.
    Vietnam shares dropped as much as 4.8 percent,
erasing all gains so far this year.  
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change as on 0343 GMT                            
 Market                 Current   Previous close  Pct Move
 Singapore              3362.6    3415.9          -1.56
 Bangkok                1776.37   1786.66         -0.58
 Manila                 8481.15   8645.08         -1.90
 Jakarta                6478.016  6544.634        -1.02
 Kuala Lumpur           1820.38   1839.44         -1.04
 Ho Chi Minh            988.55    1023.25         -3.39
                                                  
 Change on year                                   
 Market                 Current   End 2017        Pct Move
 Singapore              3362.6    3402.92         -1.18
 Bangkok                1776.37   1753.71         1.29
 Manila                 8481.15   8558.42         -0.90
 Jakarta                6478.016  6355.654        1.93
 Kuala Lumpur           1820.38   1796.81         1.31
 Ho Chi Minh            988.55    984.24          0.44
 
 (Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by
Amrutha Gayathri)
  
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