October 26, 2018 / 4:16 AM / 24 days ago

SE Asia Stocks-Philippines rebounds; Singapore hits 22-month low

    * Philippines notches gains on bargain hunting
    * Vietnam on approaches seventh straight session of losses
    * Singapore set for fourth consecutive week in the red

    By Rashmi Ashok
    Oct 26 (Reuters) - Philippines shares regained their footing
on Friday after steep falls in the previous session as investors
snapped up beaten down stocks, while other markets in the region
fell in line with broader Asia as they failed to shrug off a
dismal Thursday.
    The previous session saw sharp losses in the Philippines and
other regional markets, as a tech-fuelled rout on Wall Street
spooked investors across Asia, leading to a massive sell-off in
regional equities.
    Asian bourses are likely to benefit from "tentative
bottom-fishing", analysts at OCBC said in a note. 
    The Philippine index, which has been the region's
worst performer this year and the biggest loser in the previous
session, rose 0.7 percent, boosted by real-estate stocks.
    "This is a short-lived bounce, since it was the worst
performer and had seen a steep drop yesterday, I think investors
think the 6,900 level of the index is a good time to buy... the
last time it hit that level, investors bought back," said Miguel
Ong, research analyst at AP Securities.
    Real estate conglomerate Ayala Land Inc gained 2.1
percent and SM Investments Corp added 1.5 percent. 
    Indonesian shares also ticked up, helped by telecom
and financial stocks. Sector heavyweight PT Telekomunikasi
Indonesia Tbk rose 0.8 percent and PT Bank Central
Asia Tbk rose 0.9 percent.
    Vietnamese stocks were on track for a seventh losing
session and a fourth straight week of losses, with real estate
stocks and industrials being the biggest drags on the benchmark.
    Vinhomes Joint Stock Company fell 3.7 percent and
No Va Land Investment Group Corporation lost 3.1
percent.
    Singapore stocks approached their lowest in nearly 22
months, falling 1.7 percent and on track for a fourth week in
the red. Financial heavyweights like United Overseas Bank Ltd
 lost 3.5 percent and DBS Bank's parent company DBS
Group Holdings Ltd lost 2.6 percent.
    Thai shares failed to sustain the previous session's
brief bounce and looked set to post a fourth week of losses. Its
energy sector, which drove a turnaround in the index in the
previous session, was the biggest drag.
    Oil and gas giant PTT PCL lost 2 percent, while 
PTT Exploration and Production PCL traded 2.2 percent
lower.
    Malaysian stocks edged lower on the back of telecom
stocks, with Telekom Malaysia Berhad shedding 1.3
percent and wireless service provider Digi.Com Berhad
losing 1.7 percent.
        
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0351 GMT 
    
  Market           Current       Previous close  Pct Move
  Singapore        2961.22       3012.84         -1.71
  Bangkok          1629.89       1644.33         -0.88
  Manila           7015.08       6966.84         0.69
  Jakarta          5762.146      5754.965        0.12
  Kuala Lumpur     1681.71       1686.59         -0.29
  Ho Chi Minh      908.44        910.17          -0.19
                                                 
  Change on year                                 
  Market           Current       End 2017        Pct Move
  Singapore        2961.22       3402.92         -12.98
  Bangkok          1629.89       1753.71         -7.06
  Manila           7015.08       8558.42         -18.03
  Jakarta          5762.146      6355.654        -9.34
  Kuala Lumpur     1681.71       1796.81         -6.41
  Ho Chi Minh      908.44        984.24          -7.70
 
 (Reporting by Rashmi Ashok; Editing by Sunil Nair)
  
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