October 29, 2018 / 10:14 AM / a year ago

SE Asia Stocks-Indonesia ends lower on GDP concerns; Philippines, Singapore gain

    * Indonesia cenbank expects Q3 GDP growth slightly below 5.1
    * Thailand Sept factory output likely declined - Reuters

    By Shanima A
    Oct 29 (Reuters) - Indonesian shares erased early
gains to close lower on Monday as investors adopted a cautious
stance ahead of the growth data next week, while Singapore and
Philippine markets rebounded as cheaper valuations stoked
bargain buying. 
    Indonesia's central bank kept its benchmark interest rate
unchanged, taking a pause after 150 basis points of rate hikes
since May, and warned that third-quarter economic growth may not
be as strong as initially expected.
    The losses in Indonesia, the region's largest economy, were
largely led by shares in telecom company XL Axiata Tbk PT
 and lender Bank Tabungan Pensiunan Nasional Tbk
    "Banks are very cyclical, so it goes in tandem with the
economy. With the outlook that the Indonesia's macro-economic
cycle is turning weak, that could actually cause the investors
to be a little bit more discouraged with the banking sector. It
has mostly to do with the outlook of the third-quarter GDP
growth," said Taye Shim, head of research, Mirae Asset
    In the Philippine market, industrials and banking
sectors accounted for most gains. Shares of BDO Unibank Inc
 and Bank of the Philippine Islands closed 2
percent and 1.2 percent firmer, respectively. 
    Singapore shares ended in the green, with
conglomerate Jardine Matheson Holdings Ltd adding 1.5
percent to the bourse. 
    "The broader picture is that the selling looks overdone,"
Liu Jinshu, director of research, NRA Capital said.
    "I also heard of bargain hunters on the prowl since last
week. Basically, some counters have reached levels that buyers
are finding attractive," Liu added. 
    Thai shares recovered from previous session's losses
to end firmer ahead of September factory output data on Tuesday.
    Petroleum and gas explorer PTT Pcl and airport
operator Airports of Thailand Pcl were among the
biggest gainers on the index, closing 1 percent and 2.1 percent
    The country's annual headline inflation rate may have eased
slightly in October, but remained within the central bank's
target range for a seventh straight month, while September
factory output likely declined, a Reuters poll showed.

    Vietnam shares slipped to close 1.3 percent weaker,
with refiner Petrovietnam Gas Joint Stock Corp ending
4.7 percent lower and Saigon Thuong Tin Commercial Joint Stock
Bank posting its third straight sessions of declines. 
For Asian Companies click;  

  Market           Current       Previous close   Pct Move
  Singapore        2981.54       2972.02          0.32
  Bangkok          1636.88       1628.96          0.49
  Manila           7109.03       7064.33          0.63
  Jakarta          5754.607      5784.921         -0.52
  Kuala Lumpur     1683.73       1683.06          0.04
  Ho Chi Minh      888.82        900.82           -1.33
  Change on year                                  
  Market           Current       End 2017         Pct Move
  Singapore        2981.54       3402.92          -12.38
  Bangkok          1636.88       1753.71          -6.66
  Manila           7109.03       8558.42          -16.94
  Jakarta          5754.607      6355.654         -9.46
  Kuala Lumpur     1683.73       1796.81          -6.29
  Ho Chi Minh      888.82        984.24           -9.69
 (Reporting by Shanima A; Editing by Sherry Jacob-Phillips)
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