September 25, 2017 / 4:20 AM / 23 days ago

SE Asia Stocks-Philippines falls as EDC plummets; others little changed

    By Chris Thomas
    Sept 25 (Reuters) - Philippine shares fell nearly 1 percent
on Monday, dragged down by a sharp drop in renewable power
producer Energy Development Corp (EDC), while most
other Southeast Asian stock markets were little changed in thin
trade.
    The Philippine stock index (PSI) declined as much as
0.9 percent in what could be its second straight session of
falls.
    EDC plunged as much as 23.6 percent to its lowest since Jan.
19 in its biggest ever intraday percentage drop, after the
renewable power producer said on Friday that a tender offer to
buy a third of the company by a consortium of investors had
ended.
    The number of shares tendered was more than what the bidders
had sought, so the extra shares are being sold down, said Joseph
Roxas, president of Manila-based Eagle Equities Inc.
    Real estate and industrial stocks also saw some selloff,
with Ayala Land and JG Summit Holdings
shedding about 1.6 percent each.
    "The PSI is really at a technical resistance - we're close
to the highs," said Roxas. "Every time it gets close to the
highs, people get nervous."
    Among other Southeast Asian markets, Singapore was
slightly lower ahead of inflation data due at 0500 GMT.
    The city-state's consumer price index in August probably
rose at the same pace as the previous month from a year earlier
due to higher petrol prices, a Reuters poll showed.
    United Overseas Bank Ltd fell as much as 0.4
percent, while DBS Group Holdings Ltd rose 0.6 percent
to a near three-week high.
    Malaysia and Indonesia were slightly lower,
while Thailand was little changed.   
    Vietnam fell as much as 0.6 percent before trimming
losses to trade marginally lower. 
    FLC Faros Construction JSC declined 7 percent,
outweighing gains in Vietjet Aviation JSC.
For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS: Change at 0338 GMT    
  Change on day                                        
  Market          Current      Previous Close  Pct Move
  Singapore       3218.43      3220.25         -0.06
  Bangkok         1659.38      1659.05         0.02
  Manila          8211.56      8281.27         -0.84
  Jakarta         5908.978     5911.708        -0.05
  Kuala Lumpur    1770.34      1771.04         -0.04
  Ho Chi Minh     806.56       807.13          -0.07
                                               
  Change on year                               
  Market          Current      End 2016        Pct Move
  Singapore       3218.43      2880.76         11.72
  Bangkok         1659.38      1542.94         7.55
  Manila          8211.56      6840.64         20.04
  Jakarta         5908.978     5296.711        11.56
  Kuala Lumpur    1770.34      1641.73         7.83
  Ho Chi Minh     806.56       664.87          21.31
 

 (Reporting by Chris Thomas in Bengaluru; Editing by Subhranshu
Sahu)
  

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