January 20, 2020 / 5:05 AM / a month ago

SE Asia Stocks-Philippines plunges nearly 2% on real estate, infra stocks

    * Ayala Land, Ayala Corp, Metro Pacific drag down
    * Siam Commercial posts biggest intraday drop in over 11

    By Soumyajit Saha
    Jan 20 (Reuters) - Philippine shares slumped nearly
2% to a one-month low on Monday, dragged by sharp losses in real
estate and infrastructure heavyweights after reports of
increased government scrutiny on certain projects.
    President Rodrigo Duterte said on Friday he would review the
Manila Light Rail Transit contract, the Manila Times reported here
 on Sunday. 
    A consortium of conglomerate Ayala Corp and utility
company Metro Pacific Investments Corp was contracted
to upgrade and expand the LRT Line 1 in 2014. 
    In a separate story, the daily quoted here
 a palace spokesperson as saying the Ayala Technohub, an Ayala
Land IT park project, might also be subjected to an
    Ayala Land, Ayala Corp and Metro Pacific Investments Corp
fell between 5.6% and 6%.
    "It looks like the purported review of the two contracts
could be exerting pressure on the two entities (Ayala group and
Metro Pacific Investments)," Charles William Ang, associate
analyst at COL Financial Group, said.
    Most other Southeast Asian stock markets edged lower in
low-trade volumes. 
   "Ahead of the Chinese New Year, as well as it being a U.S.
holiday today, trading volumes are quite low in the region,"
said Nicholas Yon, an equity research analyst at Singapore-based
Lim & Tan securities.
    Thai shares fell, hurt most by losses in banking
    Heavyweight Siam Commercial Bank dropped as much as
12.8% in its worst intraday trading in over 11 years, after it
reported lower quarterly net interest income and attributable
profit on Friday.
    Singapore stocks declined slightly, weighed down by
losses in financials.
    United Overseas Bank was 0.6% lower, while real
estate developer CapitaLand Ltd fell 0.8%.    
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  STOCK MARKETS                                              
  Change on the day                                          
  Market                Current     Previous close  Pct Move
  Singapore             3274.15     3281.03         -0.21
  Bangkok               1593.88     1600.48         -0.41
  Manila                7578.85     7722.58         -1.86
  Jakarta               6280.846    6291.657        -0.17
  Kuala Lumpur          1594.41     1595.81         -0.09
 Ho Chi Minh            976.06      978.96          -0.30
  Change so far in                                  
  Market                Current     End 2019        Pct Move
  Singapore             3274.15     3222.83         1.59
  Bangkok               1593.88     1579.84         0.89
  Manila                7578.85     7,815.26        -3.02
  Jakarta               6280.846    6,299.54        -0.30
  Kuala Lumpur          1594.41     1588.76         0.36
  Ho Chi Minh           976.06      960.99          1.57
 (Reporting by Soumyajit Saha in Bengaluru; Editing by
Subhranshu Sahu)
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