November 29, 2017 / 5:46 AM / 2 months ago

SE Asia Stocks-Philippines extends losses; Thailand gains

    By Nikhil Nainan
    Nov 29 (Reuters) - Philippine shares fell on Wednesday, set
for a third consecutive day of losses, while other markets trod
water as investors assessed North Korea's latest missile test.
    North Korea said it had successfully tested a powerful new
intercontinental ballistic missile (ICBM) that put all of the
U.S. mainland within range, with MSCI's broadest index of
Asia-Pacific shares outside Japan edging
lower.
    Philippine stocks took the worst beating in the
region, falling 0.8 percent.
    The brightening prospect of U.S. tax cuts could weigh on
Philippine firms that provide outsourcing services, said Fio
Dejesus, analyst at RCBC Securities.
    Senate Republicans pushed forward their bill in a partisan
committee vote on Tuesday, lifting Wall Street to record closes
overnight.
    "There is actually a risk that the so-called blue collar
KPOs (knowledge process outsourcing) would be under threat from
the tax. If you would have corporate tax slashed in the U.S.
then maybe some of these processes will move back to the U.S.," 
said Dejesus.
    Builders Ayala Land and SM Prime Holdings
were the biggest drags on the main index, declining about 2
percent each.     
    Thai shares firmed 0.4 percent, led by financials,
with Kasikornbank Pcl up 2.7 percent and Siam
Commercial Bank Pcl gaining 2.4 percent. 
    Malaysian stocks rose about 0.2 percent, driven by
gains in utility and materials stocks. 
    Heavy weights Tenaga Nasional Bhd rose 2.4 percent
while Petronas Chemicals Group Bhd climbed more than 1
percent. 
    Indonesia stocks slipped 0.3 percent as telecom and
consumer staples stocks weighed on the index, while the index of
the country's 45 most liquid stocks fell 0.6 percent. 
    Singapore stocks firmed to a two-and-a-half year high
before paring the gains to trade marginally lower, as gains in
consumer discretionary stocks offset losses in financials.
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0455 GMT
 Change at 0455 GMT                                 
 Market                   Current   Previous close  Pct Move
 Singapore                3441.41   3442.35         -0.03
 Bangkok                  1713.13   1706.52         0.39
 Manila                   8225.09   8291.88         -0.81
 Jakarta                  6051.533  6070.716        -0.32
 Kuala Lumpur             1717.36   1714.42         0.17
 Ho Chi Minh              945.69    941.21          0.48
                                                    
 Change so far this year                            
 Market                   Current   End 2016        Pct Move
 Singapore                3441.41   2880.76         19.46
 Bangkok                  1713.13   1542.94         11.03
 Manila                   8225.09   6840.64         20.24
 Jakarta                  6051.533  5296.711        14.25
 Kuala Lumpur             1717.36   1641.73         4.61
 Ho Chi Minh              945.69    664.87          42.24
 
 (Reporting by Nikhil Kurian Nainan; Editing by Amrutha
Gayathri)
  

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