November 14, 2018 / 10:12 AM / a month ago

SE Asia Stocks-Philippines snaps 3 days of falls; Singapore extends losses

    * Philippines gains 1.2 pct on bargain-hunting
    * Thailand down; cenbank keeps rate steady

    By Aman Swami
    Nov 14 (Reuters) - Philippine shares rose over 1 percent on
Wednesday, snapping three straight sessions of declines, while
Singapore stocks fell for a fourth straight session.
    Financials and industrials were the top gainers in the
Philippines, with Metropolitan Bank and Trust Co rising
3.4 percent on strong quarterly earnings. 
    SM Investments Corp rose 2.3 percent, while Bank of
the Philippine Islands jumped 3.5 percent.
    The Philippine market was one of the worst performers in the
previous session, so investors hunted for bargains on Wednesday,
said Charles William Ang, an associate analyst with COL
Financial Group Inc.
    The key stock index had declined 20 percent this year
as of Tuesday, making it the worst performer in Southeast Asia.
    Indonesian shares closed higher for a second
straight session with material and consumer stocks dominating
the gains. 
    "It is more of a technical rebound than a firm recovery.
Yesterday's oil plunge served as a good catalyst for today's
market rebound as Indonesia is an importer of oil," said Taye
Shim, head of research at Mirae Asset Sekuritas.
    Oil markets fell again on Wednesday, extending losses from a
7 percent plunge the previous session as surging supply and the
spectre of faltering demand scared off investors.
    Index heavyweight Astra International Tbk PT and
cement manufacturer Semen Indonesia (Persero) Tbk PT
climbed 2.2 percent and 9.3 percent, respectively.
    Malaysian shares closed flat with Malaysia Airports
Holdings Bhd slipping 1.1 percent and palm company IOI
Corp Bhd edging up 0.7 percent.    
    Singapore shares closed 0.3 percent lower with
conglomerate Keppel Corp Ltd shedding 1.4 percent,
while City Developments Ltd, the country's
second-largest property developer, dropped 1.9 percent.
    Thai shares declined for a third session in four,
dragged by energy stocks. 
    Index heavyweight gas and petroleum supplier PTT PCL
 fell 2 percent to two-and-a-half week closing low,
while Thai oil PCL declined 3.8 percent.
    Meanwhile, the central bank held its benchmark interest rate
steady, as widely expected, but a growing split among committee
members reinforced views that next month it could tighten policy
for the first time in years.
    Vietnam shares fell 0.5 percent, weighed down by
financials and utilities. 
    Petrovietnam Gas Joint Stock Corp and steel
manufacturer Hoa Phat Group JSC were the top percentage
losers, shedding over 3.9 percent and 3 percent respectively.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change on day
 Market          Current   Previous Close  Pct Move
 Singapore       3043.19   3053.6          -0.34
 Bangkok         1652.3    1659.78         -0.45
 Manila          6923.08   6843.83         1.16
 Jakarta         5858.293  5835.198        0.40
 Kuala Lumpur    1688.41   1687.57         0.05
 Ho Chi Minh     900.93    905.38          -0.49
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3043.19   3402.92         -10.57
 Bangkok         1652.3    1753.71         -5.78
 Manila          6923.08   8558.42         -19.11
 Jakarta         5858.293  6355.654        -7.83
 Kuala Lumpur    1688.41   1796.81         -6.03
 Ho Chi Minh     900.93    984.24          -8.46
 
 (Reporting by Aman Swami; Editing by Subhranshu Sahu)
  
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