August 9, 2018 / 10:44 AM / 9 months ago

SE Asia Stocks-Most markets fall; Philippines recovers some lost ground

    * Philippine hikes rates by most in a decade
    * Thai shares extend gains into third session
    * Indonesia declines most in Southeast Asia

    By Karthika Suresh Namboothiri
    Aug 9 (Reuters) - Philippine shares trimmed early sharp
falls to close about half a percent lower on Thursday, while
Thai stocks advanced for a third straight session. 
    The key Philippine stock index fell as much as 1.3
percent after data showed economic growth unexpectedly weakened
to a near three-year low in the second quarter.  
    After market hours, the central bank raised key interest
rates by 50 basis points, the biggest hike in 10 years, and left
the door open for further policy tightening to fight high
inflation despite economic growth losing steam.

    GDP slowdown increases the challenge for a government that
is funding a multi-billion infrastructure overhaul and a central
bank grappling with rising inflation.
    An increase in rates will likely further slowdown growth in
the economy, said Paolo Ayson, an analyst at Manila-based RCBC
    SM Prime Holdings fell 1.3 percent, while Jollibee
Foods Corp declined 2.8 percent.
    Indonesian shares declined 0.5 percent with consumer
and telecom stocks leading the fall. Telekom Indonesia
closed 1.7 percent lower, while Bank Negara Indonesia
fell nearly 2 percent.
    Vietnam shares slipped with real estate company
Vingroup declining to a two-week low and Vietcombank
 down 1.3 percent.
    Thai shares closed marginally higher. Banks led
gains with Siam Commercial Bank and Bank of Ayudhya
 closing 3.2 percent and 1.8 percent higher
    The Singapore stock market was closed for a holiday.

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 Change on the day                            
 Market             Current   Previous close  Pct Move
 Bangkok            1722.48   1721.64         0.05
 Manila             7820.71   7851.46         -0.39
 Jakarta            6065.256  6094.829        -0.49
 Kuala Lumpur       1804.95   1804.73         0.01
 Ho Chi Minh        963.5     966.27          -0.29
 Change on year                               
 Market             Current   End 2017        Pct Move
 Bangkok            1722.48   1753.71         -1.78
 Manila             7820.71   8558.42         -8.62
 Jakarta            6065.256  6355.654        -4.57
 Kuala Lumpur       1804.95   1796.81         0.45
 Ho Chi Minh        963.5     984.24          -2.11
 (Reporting by Karthika Suresh Namboothiri; Editing by
Subhranshu Sahu)
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