April 20, 2018 / 9:51 AM / a month ago

SE Asia Stocks-Singapore stocks fall on tech selloff; Philippines looks up

    * Singapore index down, but posts 4th week of gains
    * Philippine shares extend weekly losses for 8th week in 9 
    * Vietnam shares up over 2 pct 

    By Nikhil Nainan
    April 20 (Reuters) - Singapore stocks ended lower on Friday
tracking a broader selloff in technology stocks across Asia,
while Philippine shares ended higher after heavy losses through
the week.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 slumped 1.2 percent after the world's largest
contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd
, forecast softer demand for smartphones.
    Singapore shares took a hit after shares of tech
service provider Venture Corp Ltd plunged over 12
percent to their lowest in eight weeks. 
    Comments from TSMC and weaker-than-expected results from
cigarette giant Philip Morris International Inc weighed
on Venture, said Joel Ng, a research analyst at KGI Securities
in Singapore.
    "Philip Morris is a key client, Venture makes e-cigarettes
for Philip Morris," he added 
    Despite Friday's losses, the index posted a fourth
consecutive week of gains.
    Indonesian shares edged down 0.3 percent, as
consumer staple stocks weighed on the index. 
    On Thursday, Indonesia's central bank kept its key interest
rate unchanged, tying the decision to a need to maintain
stability.
    Malaysian stocks slipped 0.4 percent, following a
record closing high in the previous session.
    DiGi.Com Bhd and Genting Bhd weighed on
the index, falling 2.6 percent and 2.1 percent, respectively.
    Meanwhile, Vietnamese shares ended up 2.3 percent,
but closed 3.2 percent lower for the week.
    Index heavyweights led the gains, with Joint Stock
Commercial Bank for Foreign Trade of Viet Nam and
Petrovietnam Gas Joint Stock Corp soaring 4.9 percent
and 3.6 percent respectively.
    Philippine shares edged up on Friday, ending yet
another rough week, and posting an eighth weekly loss in nine.  
    "One of the things we can definitely say is that the market
has been very volatile lately. So this (today's gain) is just a
manifestation of that volatility," said April Lee-Tan, head of
research at COL Financial.
    Despite worries over rising inflation, which fuelled heavy
foreign selling on Thursday, Philippine Central Bank Governor
Nestor Espenilla said the monetary authority is satisfied with
its current policy actions.
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3573.38   3598.73         -0.70
 Bangkok            1801.28   1794.94         0.35
 Manila             7726.72   7682.24         0.58
 Jakarta            6337.695  6355.901        -0.29
 Kuala Lumpur       1887.75   1895.18         -0.39
 Ho Chi Minh        1119.86   1094.63         2.30
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3573.38   3402.92         5.01
 Bangkok            1801.28   1753.71         2.71
 Manila             7726.72   8558.42         -9.72
 Jakarta            6337.695  6355.654        -0.28
 Kuala Lumpur       1887.75   1796.81         5.06
 Ho Chi Minh        1119.86   984.24          13.78
 

 (Reporting by Nikhil Kurian Nainan; Editing by Sunil Nair)
  
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