By Anusha Ravindranath
Oct 5 Philippine shares fell more than 1
percent on Wednesday on growing economic concerns and as
political tensions rose after President Duterte's verbal
outburst against the U.S.
In his latest salvo, Duterte said he was realigning his
foreign policy because the United States had failed the
Philippines, adding that at some point "I will break up with
"Increasingly, Duterte has been aligning more and more with
China and Russia and less with the West, so that definitely puts
a strain on foreign investments, especially in equities," said
Victor Felix, an analyst with AB Capital Securities in Manila.
Consumer inflation in the Philippines raced to an 18-month
high in September as prices of food and utilities rose, while
the central bank said more data, including outlook on inflation
would be needed before it could adjust its required reserves.
The Philippine index clocked its biggest intra-day
percentage loss in more than two weeks, led by a big sell-off in
Indonesian shares shed over 1 percent and posted
their biggest intra-day percentage loss in three weeks.
"RSI (relative strength index) is showing the index has been
overbought, indicating weakness for the JCI (Jakarta Composite
Index )in the next 2-3 days," said Gina Nasution, an analyst
with Trimegah Securities.
Shares of oil and gas firms Perusahaan Gas Negara (Persero)
Tbk PT and Medco Energi Internasional Tbk PT
fell after a local media report that President Jokowi is
expected to cut gas prices in November. bit.ly/2dqV9c9
Other Southeast Asian stock markets remained soft following
a report that the European Central Bank may taper asset
purchases, while investors were also spooked by prospects of a
U.S. interest rate hike in the coming months.
Thai stocks hit their highest in a month, before
closing almost flat.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 912 GMT
Market Current previous Pct Move
Singapore 2881.79 2884.64 -0.10
Bangkok 1509.92 1509.78 0.01
Manila 7639.79 7719.24 -1.03
Jakarta 5420.648 5472.317 -0.94
Kuala Lumpur 1662.92 1661.25 0.1
Ho Chi Minh 687.04 684.2 0.42
Change so far
Market Current End prev yr Pct Move
Singapore 2881.79 2882.73 -0.03
Bangkok 1510.28 1288.02 17.26
Manila 7639.79 6952.08 9.89
Jakarta 5420.648 4593.008 18.02
Kuala Lumpur 1662.92 1692.51 -1.75
Ho Chi Minh 687.04 579.03 18.65
(Reporting by Anusha Ravindranath; Additional reporting by
Susan Mathew and Fransiska Nangoy; Editing by Sunil Nair)