October 25, 2018 / 10:29 AM / 21 days ago

SE Asia Stocks-Philippines deepens slump; Indonesia, Thailand gain

    * Philippines extends losses to 3rd straight session
    * Indonesian shares rebound on bargain buying
    * Recent stability in rupiah supporting Indonesian sentiment
-
analyst

    By Rashmi Ashok
    Oct 25 (Reuters) - Philippine shares slumped on Thursday,
deepening the week's losses, as an overnight rout on Wall Street
led to jitters across Asian markets, while Indonesian shares
rebounded as cheaper valuations sparked buying.
    U.S. stocks plunged on Wednesday, confirming a correction
for the Nasdaq and erasing the Dow and the S&P 500's gains for
the year. The losses sparked safe-haven demand for sovereign
bonds, the dollar and the yen, while pulling down MSCI's
broadest index of Asia-Pacific shares outside Japan
 on Thursday.
    Philippine stocks dropped 2.3 percent, widening the
year's losses to more than 18 percent - the worst percentage
drop in the region. The index has lost 3.7 percent over the last
three sessions.
    Lender BDO Unibank Inc fell 3.6 percent in the
session while Security Bank Corp lost 5.2 percent.
    Singapore shares fell 0.6 percent, recouping some the
session's earlier losses, with shipbuilder Yangzijiang
Shipbuilding (Holdings) Ltd down 3.3 percent and
casino and gaming operator Genting Singapore Ltd
dropping 3.3 percent.
    Malaysian stocks closed lower, with oil and gas
services provider Dialog Group Berhad retreating 5.3
percent and telecom operator Telekom Malaysia Berhad
losing 2.3 percent. 
    Vietnamese shares finished 1.3 percent lower, as its
real-estate sector suffered heavy losses. The index posted its
sixth straight session of losses and has lost 6.2 percent this
year.
     Vinhomes Joint Stock Company lost 5.5 percent and
Vingroup Joint Stock Company fell 2 percent in the
session.
    Indonesian shares closed 0.8 percent firmer, boosted
by consumer and financial sectors.
    "It's a technical rebound because valuations show it's time
to buy as they have reached bottom. Also Q3 company earnings
that are coming out are relatively in line, or not so bad too,"
said Satria Sambijantoro, economist with Bahana Sekuritas in
Jakarta.
    "Stocks are trading 12-13 times P/E ratio, so it's a good
time to buy. Also there is optimism from the recent stability of
the rupiah," added Fakhrul Fulvian, an economist with Trimegah
Securities Indonesia in Jakarta.
    The Indonesian central bank recently held its key interest
rates steady, taking advantage of relatively calm markets and as
the rupiah holds stable near a 20-year low.
    Thai shares climbed 1.4 percent as Thai energy
stocks gained after PTT Exploration and Production PCL
 swung to a quarterly profit, boosting the sector.    
  

    
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SOUTHEAST ASIAN STOCK MARKETS
    
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3012.84   3032.08         -0.63
 Bangkok            1644.33   1623.37         1.29
 Manila             6966.84   7129.42         -2.28
 Jakarta            5754.965  5709.417        0.80
 Kuala Lumpur       1686.59   1690.04         -0.20
 Ho Chi Minh        910.17    922.73          -1.36
                                              
 Change on year                               
 Market             Current   End prev yr     Pct Move
 Singapore          3012.84   3402.92         -11.46
 Bangkok            1644.33   1753.71         -6.24
 Manila             6966.84   8,558.42        -18.60
 Jakarta            5754.965  6,355.65        -9.45
 Kuala Lumpur       1686.59   1796.81         -6.13
 Ho Chi Minh        910.17    984.24          -7.53
 

 (Reporting by Rashmi Ashok in Bengaluru; additional reporting
by Gayatri Suroyo; Editing by Amrutha Gayathri)
  
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