April 20, 2018 / 4:50 AM / a year ago

SE Asia Stocks-Most fall as tech sell-off drags broader Asia lower; Philippines recovers

    * S'pore shares on track for weekly gain of 2 pct
    * Philippine shares up 0.8 pct

    By Nikhil Nainan
    April 20 (Reuters) - Most Southeast Asian stock markets
slipped on Friday tracking broader Asia which was hit by a
sell-off in technology stocks, while Philippine shares regained
some ground following a sharp fall in the previous session.     
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was trading 1 percent lower as technology stocks
fell after the world's largest contract chipmaker Taiwan
Semiconductor Manufacturing Co Ltd forecast softer
demand for smartphones.
    Singapore shares declined after tech service provider
Venture Corporation Ltd slumped 11.8 percent to an
eight-week low. 
    "Philip Morris is a key client, Venture makes the
e-cigarettes for Philip Morris," said Joel Ng, a research
analyst at KGI Securities in Singapore.
    Shares of Philip Morris International Inc fell as
much 17.7 percent after the cigarette giant reported
weaker-than-expected results.
    Indonesian shares slipped 0.6 percent with
financials and household product stocks leading the losses.  
Unilever Indonesia Tbk PT and Bank Central Asia Tbk PT
 fell 1.7 percent and 0.5 percent, respectively.
    On Thursday, Indonesia's central bank kept its key interest
rate unchanged, tying the decision to a need to maintain
    Malaysian stocks fell 0.4 percent with losses in
heavyweight material and utility stocks tipping the index lower.
    Press Metal Aluminium Holdings Bhd slumped 3.6
percent as three-month aluminium on the London Metal Exchange
 fell for a second day.
    Philippine shares gained 0.9 percent after hitting a
one-year low in the previous session as inflation worries
sparked heavy foreign selling, but were still headed for a
weekly loss of nearly 2 percent.
    “One of things we can definitely say is that markets have
been very volatile lately. So this is just a manifestation
(today's gain) of that volatility,” said April Lee-Tan, head of
research at COL Financial. 
    The Philippine Central Bank Governor Nestor Espenilla said
on Friday the monetary authority is satisfied with its current
policy actions despite a weaker currency, rising inflation and
falling stocks.
For Asian Companies click;  

 Change at 0407 GMT                                  
 Market                    Current   Previous close  Pct Move
 Singapore                 3570.92   3598.73         -0.77
 Bangkok                   1795      1828.88         -1.85
 Manila                    7747.27   7682.24         0.85
 Jakarta                   6320.652  6355.901        -0.55
 Kuala Lumpur              1888.12   1895.18         -0.37
 Ho Chi Minh               1092.5    1094.63         -0.19
 Change on year                                      
 Market                    Current   End 2017        Pct Move
 Singapore                 3570.92   3402.92         4.94
 Bangkok                   1795      1753.71         2.35
 Manila                    7747.27   8558.42         -9.48
 Jakarta                   6320.652  6355.654        -0.55
 Kuala Lumpur              1888.12   1796.81         5.08
 Ho Chi Minh               1092.5    984.24          11.00
 (Reporting by Nikhil Kurian Nainan; Editing by Vyas Mohan)
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