October 2, 2018 / 10:25 AM / 2 months ago

SE Asia Stocks-Most down; Philippines extends fall

    * Philippine shares fall over 1 pct on rising oil prices 
    * Indonesia ends lower after rupiah breaks 20-year low
    * Singapore manufacturing data awaited

    By Niyati Shetty
    Oct 2 (Reuters) - Most Southeast Asian stock markets closed
lower on Tuesday as investors turned cautious after the
International Monetary Fund (IMF) said trade disputes and
tariffs are starting to dim the outlook for global growth.
    IMF Managing Director Christine Lagarde on Monday said
growth was at its highest level since 2011, but had plateaued,
with fewer countries participating in the expansion.

    Meanwhile, oil prices hit their highest level since November
2014 on Tuesday and Brent crude was near a 4-year peak.

    The Manila index closed 1.2 percent lower as higher
crude oil prices worsened inflationary and monetary policy
concerns. The real estate sector, led by a 5.1 percent slide in
SM Prime Holdings and a 3.2 percent fall in Ayala Land
, was the biggest drag on the index.
    "The weakness today is due to the continued rise in global
oil prices. Philippines being an importer of oil, higher global
oil prices could accelerate inflation concerns even more," said
Charles William Ang, associate analyst at COL Financial Group
Inc. 
    "The (Philippine) central bank might be forced to raise
interest rates to control inflation, and higher interest rates
would be bad for equities."
    Last week, the Philippine central bank had raised interest
rates for the fourth time in five months and had kept the door
open for further tightening.
    Indonesian stocks erased early gains and ended 1.2
percent lower as investors looked to reduce their exposure amid
a falling rupiah that broke a 20-year low. The currency
lost nearly 1 percent to the dollar for the day.
    "I think it's more of a sentiment issue. It's beyond
Indonesia's control ... all they can do is to counter these
internally," said Taye Shim, head of research at Mirae Asset
Sekuritas in Indonesia, referring to global uncertainties and
factors.
    The materials and financial sectors were the biggest drags
on the index. Indah Kiat Pulp & Paper Tbk and Bank
Mandiri (Persero) Tbk fell 6.3 percent and 3.7
percent, respectively. 
    Thai shares closed 0.7 percent lower while the
Singapore index ended 0.4 percent weaker.  

    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3242.65   3255.46         -0.39
 Bangkok            1748.09   1760.47         -0.70
 Manila             7132.36   7222.08         -1.24
 Jakarta            5875.619  5944.601        -1.16
 Kuala Lumpur       1798.15   1792.46         0.32
 Ho Chi Minh        1018.79   1012.88         0.58
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3242.65   3402.92         -4.71
 Bangkok            1748.09   1753.71         -0.32
 Manila             7132.36   8558.42         -16.66
 Jakarta            5875.619  6355.654        -7.55
 Kuala Lumpur       1798.15   1796.81         0.07
 Ho Chi Minh        1018.79   984.24          3.51
 


 (Reporting by Niyati Shetty; Editing by Vyas Mohan)
  
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