May 10 Philippine shares fell 1.6 percent on
Wednesday, their biggest in two months, as investors continued
to book profits, while Vietnam rose to its highest close in
nearly a month.
Trading was muted across Southeast Asia as Malaysia,
Thailand and Singapore were closed for a public
The Philippine Stock Exchange PSEI Index extended
falls in to a second session, dragged down by industrials and
financials, after rising for three consecutive sessions.
GT Capital Holdings Inc and Megaworld Corp
were the biggest losers, shedding 4.6 percent and 3.7
"Market is showing some short-term technical weakness,
coming from an overbought peso," said Joann Parayno of AP
Nickel ore output in the Philippines, the world's top
supplier, fell 51 percent in the first quarter, hurt by rains
and suspensions of mine operations, government data showed.
The new environment minister, Roy Cimatu, said on Tuesday he
wanted to strike a balance between conservation and mining
interests, hinting an intent to settle the mining malaise
started by his predecessor, Regina Lopez.
Lopez was ousted over her anti-mining campaign through which
she ordered the closure of 22 of 41 operating mines and
cancelled dozens of contracts for undeveloped mines in the fifth
most-mineralised country in the world.
Meanwhile, President Rodrigo Duterte said the government
cannot scrap an existing mining law but added that he wants to
implement stricter measures.
Indonesian shares dropped 0.8 percent, their biggest
since Jan. 20, with Victoria Insurance Tbk Pt and PT
Indika Energy Tbk being the biggest decliners.
Bucking the trend, Vietnam shares closed 0.3 percent
higher, aided by financials and materials, with Saigon
Telecommunication & Technologies Corp leading the
"The rally over the past few days is a catch-up rally as the
market has been sluggish in recent weeks due to domestic
political uncertainty and concern over Chinese equities," said
Fiachra Mac Cana, managing director and head of research at Ho
Chi Minh Securities, in an emailed statement.
China's April producer price inflation cooled as iron ore
and coal prices tumbled further, pressured by fears that
domestic demand will not be strong enough to absorb surging
supplies of steel.
"Sentiment has improved due to a sense of closure on the
domestic side and with a sense that Chinese markets have
stabilised for now," she added.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: Change on day
Market Current Previous Close Pct Move
Manila 7794.17 7923.5 -1.63
Jakarta 5653.008 5697.056 -0.77
Ho Chi Minh 724.31 722.11 0.30
Change on year
Market Current End 2016 Pct Move
Manila 7794.17 6840.64 13.9
Jakarta 5653.008 5296.711 6.3
Ho Chi Minh 724.31 664.87 8.9
(Reporting by Hanna Paul; Editing by Subhranshu Sahu)