January 24, 2018 / 10:10 AM / 6 months ago

SE Asia Stocks-Philippines falls; S'pore hits highest close in 10 yrs

    * Philippines slides from previous day's record close
    * Singapore marks fourth straight gaining session
    * Vietnam shut for second day due to technical issues

    By Susan Mathew
    Jan 24 (Reuters) - Philippine stock market fell sharply on
Wednesday from a record finish as shares slipped across the
board, while Singapore climbed to its highest close in a decade.
    Philippine shares closed down 0.9 percent, after
three straight sessions of gains that lifted the market to a
record closing high on Tuesday.
    The Philippine finance ministry plans to submit a tax
package, which aims to adjust taxes on alcohol, tobacco, mining
and coal, and that may be weighing on the market, said Benjamin
Ngan, a research analyst with RCBC Securities in Manila.
    President Rodrigo Duterte last week proposed to cut the
corporate tax rate and rationalise fiscal incentives to
investors in the second of five tax-reform packages submitted to
Congress.
    Conglomerate JG Summit Holdings shed 3 percent,
making it the biggest drag on the index.
    Meanwhile, Malaysian shares were marginally lower
ahead of its central bank's meeting on Thursday, in which it is
expected to raise interest rates.
    Data out earlier in the session showed that the nation's
2017 inflation of 3.7 percent stood within the central bank's
target range of 3-4 percent, with consumer price index rising
3.5 percent in December, meeting expectations.
    Singapore shares firmed 0.5 percent in their fourth
straight winning session, with lender DBS Group Holdings and
consumer stock Genting Singapore leading the gains, up
1.2 percent and 4.5 percent, respectively.
    Indonesian shares ended 0.3 percent lower, with
Telekomunikasi Indonesia Tbk and Bank Rakyat Indonesia
 driving the losses, down 2.7 percent and 2.3 percent,
respectively. 
    Vietnam's stock exchange remained shut for a second day due
to technical issues.
    
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
 Market                   Current   previous close  Pct Move
 Singapore                3609.24   3592.08         0.48
 Bangkok                  1838.96   1831.78         0.39
 Manila                   8920.23   8999.02         -0.88
 Jakarta                  6615.492  6635.334        -0.30
 Kuala Lumpur             1837.04   1838.04         -0.05
                                                    
 Change on year                                     
 Market                   Current   End 2017        Pct Move
 Singapore                3609.24   3402.92         6.06
 Bangkok                  1838.96   1753.71         4.86
 Manila                   8920.23   8558.42         4.23
 Jakarta                  6615.492  6355.654        4.09
 Kuala Lumpur             1837.04   1796.81         2.24
 
 (Reporting by Susan Mathew in Bengaluru; Editing by Amrutha
Gayathri)
  
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