December 1, 2017 / 10:08 AM / a year ago

SE Asia Stocks-Philippines falls to 2-mth low; S'pore hits 2-1/2-yr high

    By Nikhil Nainan
    Dec 1 (Reuters) - Philippine shares fell sharply on Friday
to their lowest close in two months, while the Singapore stock
market rose to a fresh 2-1/2-year closing high. 
    The Philippine index retreated 1.3 percent, posting
losses on every trading day this week and bringing the weekly
losses to 2.6 percent.
    "The market is trading at quite an expensive PE multiple
compared to other Asian equities," said Manny Cruz, an analyst
with Asiasec Equities Inc in Manila.
    The current forward price-to-earnings ratio for Philippine
stocks is 20.4, higher than regional peers, with Singapore and
Malaysia at about 15.6 and Indonesia at 17.3. 
    Financials and industrial stocks weighed on the Philippine
index, with Bank of the Philippine Islands and
JG Summit sliding over 2.5 percent each.  
    Meanwhile, Singapore stocks climbed 0.5 percent,
driven by financials and industrial stocks. The index gained 0.2
percent over the week.
    Heavyweights United Overseas Bank Ltd and Jardine
Matheson Holdings Ltd, climbed 1.3 percent and 2.2
percent, respectively. 
    Vietnam shares surged 1.1 percent to a fresh 10-year
closing peak, bringing the weekly gains to 2.7 percent.
    Thai shares edged up 0.1 percent, with the November
annual consumer inflation rate rising in line with expectations.

    Malaysian and Indonesian markets were closed on account of
national holidays.
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 Change on the day                                  
 Market                   Current   Previous close  Pct Move
 Singapore                3449.54   3433.54         0.47
 Bangkok                  1699.65   1697.39         0.13
 Manila                   8144.02   8254.03         -1.33
 Ho Chi Minh              960.33    949.93          1.09
 Change so far this year                            
 Market                   Current   End 2016        Pct Move
 Singapore                3449.54   2880.76         19.74
 Bangkok                  1699.65   1542.94         10.16
 Manila                   8144.02   6840.64         19.05
 Ho Chi Minh              960.33    664.87          44.44
 (Reporting by Nikhil Kurian Nainan; Editing by Amrutha
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