December 4, 2017 / 10:33 AM / a year ago

SE Asia Stocks-Indonesia bounces back; Philippines falls for 5th session

    By Nikhil Nainan
    Dec 4 (Reuters) - Indonesian shares rose on Monday, bouncing
back from their biggest single-day fall in a year in the
previous session, while Philippine stocks extended declines into
a fifth session.
    The Jakarta SE Composite Index closed 0.8 percent
higher, driven by robust gains in financial and consumer
discretionary stocks, after Thursday's 1.8 percent drop. The
Indonesian market was closed on Friday for a public holiday.
    "On Thursday, foreigners net sold about 2 trillion rupiah,
regardless of the MSCI rebalance," said Taye Shim, head of
research at Mirae Asset Sekuritas, Indonesia.
    "I think the fundamentals of Indonesia still remain intact
and we are still very optimistic." 
    An index of the country's 45 most liquid stocks
closed 1.6 percent higher.
    Indonesia's annual inflation rate fell for a fifth
consecutive month in November, reaching its lowest since
December 2016, data from the country's statistics bureau showed.
Meanwhile, manufacturing conditions improved slightly in
November, data from the Nikkei Indonesia Manufacturing
Purchasing Managers' Index showed.
    Heavyweights Bank Central Asia Tbk PT and Astra
International Tbk PT were the biggest drivers, closing
2.2 percent and 1.6 percent, respectively.
    Philippine stocks dropped 0.7 percent on fears of
foreign fund outflows after the passage of a Senate tax bill in
the United States over the weekend raises the risk of more
aggressive rate hikes in the world's largest economy.

    The Senate narrowly approved the bill on Saturday, moving
the country a step closer to a major tax overhaul that would
slash corporate taxes and possibly boost corporate profits and
lead to a slew of share buybacks.
    "I think because of the recent optimism of the tax reform,
you see a temporary allocation of funds which used to be in the
Philippine market and other emerging markets going back to the
U.S.," said Fio Dejesus, an analyst with RCBC Securities in
    Foreign investors net sold equities worth 474.2 million
pesos ($9.38 million) on Monday.
    Financial and industrial stocks were the biggest losers.
Ayala Corp dropped 2.1 percent, while International
Container Terminal Services Inc declined 3.3 percent.
    Malaysian stocks fell 0.3 percent even though data
showed manufacturing in November expanded at its fastest pace in
three-and-a-half years.
    The Malaysian market was closed on Friday for a public
    Singapore dropped 0.3 percent ahead of November
manufacturing data.
    For Asian Companies click;  

 Market                   Current   Previous close  Pct Move
 Singapore                3438.47   3449.54         -0.32
 Bangkok                  1697.61   1699.65         -0.12
 Manila                   8084.45   8144.02         -0.73
 Jakarta                  5998.195  5952.138        0.77
 Kuala Lumpur             1713.13   1717.86         -0.28
 Ho Chi Minh              970.02    960.33          1.01
 Change so far this year                            
 Market                   Current   End 2016        Pct Move
 Singapore                3438.47   2880.76         19.36
 Bangkok                  1697.61   1542.94         9.94
 Manila                   8084.45   6840.64         18.18
 Jakarta                  5998.195  5296.711        13.24
 Kuala Lumpur             1713.13   1641.73         4.35
 Ho Chi Minh              970.02    664.87          45.90
($1 = 50.5710 Philippine pesos)

 (Reporting by Nikhil Kurian Nainan; Editing by Subhranshu Sahu)
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