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SE Asia Stocks-Philippines extends losses; Indonesia rebounds
December 4, 2017 / 4:59 AM / 9 days ago

SE Asia Stocks-Philippines extends losses; Indonesia rebounds

    By Nikhil Nainan
    Dec 4 (Reuters) - Philippine shares fell sharply on Monday,
extending last week's losses, while Indonesia bounced back from
a selloff in the previous session. 
    Philippine shares tumbled more than 1 percent to a
near 12-week low as the passage of a tax bill in the U.S. Senate
 aided foreign outflows.
    The U.S. Senate approved a tax overhaul on Saturday, moving
Republicans and President Donald Trump a big step closer to
their goal of slashing taxes for businesses and the rich. The
move could further boost corporate profits and lead to a slew of
share buy-backs.
    "I think because of the recent optimism of the tax reform,
you see a temporary allocation of funds which used to be in the
Philippine market and other emerging markets going back to the
U.S.," said Fio Dejesus, an analyst with RCBC Securities in
Manila.
    Foreign investors sold equities net worth 190.5 million
pesos ($3.8 million) in the previous session.
    Financials and real estate stocks led the losses on Monday,
with BDO Unibank Inc and SM Prime Holdings Inc
 falling 2.4 percent and 1.1 percent, respectively.  
    Meanwhile, Indonesian stocks surged 1 percent,
having retreated 1.8 percent on Thursday, driven by strong gains
in financials and consumer discretionary stocks. 
    "On Thursday, foreigners net sold about 2 trillion rupiah 
($147.9 million), regardless of the MSCI rebalance," said Taye
Shim, head of research at Mirae Asset Sekuritas, Indonesia.
    "I think the fundamentals of Indonesia still remains intact
and we are still very optimistic on Indonesian equities."
    The benchmark index has climbed more than 13 percent so far
this year. 
    Indonesia's headline inflation slowed in November, while
manufacturing activity expanded marginally, data showed.

    Bank Central Asia Tbk PT and Astra International
Tbk PT rose 2.5 percent and 3.5 percent, respectively.
  
    Malaysian stocks slipped 0.4 percent, while data
showed the country's factory activity in November was the
strongest in 3-1/2 years, lifted by new orders.
    Singapore shares fell 0.3 percent, weighed down by
financials and industrial stocks, with lenders United Overseas
Bank and Oversea-Chinese Banking Corp 
leading the losses.    

For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0413 GMT
 Change at 0413 GMT                                 
 Market                   Current   Previous close  Pct Move
 Singapore                3438.28   3449.54         -0.33
 Bangkok                  1700.86   1699.65         0.07
 Manila                   8060.74   8144.02         -1.02
 Jakarta                  6006.387  5952.138        0.91
 Kuala Lumpur             1710.92   1717.86         -0.40
 Ho Chi Minh              970.39    960.33          1.05
                                                    
 Change so far this year                            
 Market                   Current   End 2016        Pct Move
 Singapore                3438.28   2880.76         19.35
 Bangkok                  1700.86   1542.94         10.24
 Manila                   8060.74   6840.64         17.84
 Jakarta                  6006.387  5296.711        13.40
 Kuala Lumpur             1710.92   1641.73         4.21
 Ho Chi Minh              970.39    664.87          45.95
 

($1 = 13,525.0000 rupiah)

($1 = 50.5350 Philippine pesos)

 (Reporting by Nikhil Kurian Nainan; Editing by Amrutha
Gayathri)
  

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