SE Asia Stocks-Most decline; Malaysia hits near 3-month closing low
* Malaysia down over 2 pct
* Singapore down for 5th straight session
* Philippine shares hit 3-1/2-month low
By Niyati Shetty
Oct 10 (Reuters) - Most Southeast Asian stock markets fell
on Wednesday after the International Monetary Fund (IMF) said
risks to the global financial system could increase if pressures
in emerging markets escalate or global trade relations
deteriorate further.
Malaysian shares recorded their lowest close since
July 16 on concerns over possible new taxes while Singapore
extended losses to a fifth straight session, dragged by
financials.
The IMF, a day after cutting its global growth forecasts,
said in a research report on Wednesday that emerging market
countries excluding China could face debt portfolio outflows of
up to $100 billion, a level last seen during the 2008 global
financial crisis.
The Malaysian index fell 2.2 percent, extending losses to a
sixth session, a day after Prime Minister Mahathir Mohamad said
the country may introduce new taxes as it struggles with
liabilities of around 1 trillion ringgit ($241.05 billion).
Telekom Malaysia plunged 15.8 percent while Axiata Group
slumped 11.7 percent.
Singapore shares closed 1.1 percent lower, with DBS Group
Holdings and Oversea-Chinese Banking Corp
declining 1.2 percent and 0.9 percent, respectively.
"Asia stock traders remain jaded based on substantial trade
war risks; making it very challenging to have a constructive
view on investments in general ...," OANDA Head of Trading -
APAC, Stephen Innes said in a note.
Philippine shares fell 0.8 percent to their lowest in
three-and-a-half months, weighed down by financial and
industrial stocks. BDO Unibank dropped 2.7 percent
while JG Summit Holdings slipped 3.1 percent.
"Being an export-oriented country, a slowdown in projected
global growth is going to affect the external segment of our
economy which is mostly exports and services," said Jose Vistan,
research head at AB Capital Securities.
Data released earlier in the day showed Philippines trade
deficit stayed well above $3 billion for the fifth straight
month in August.
Thai shares closed 1.5 percent higher, boosted by
energy stocks PTT PCL and PTT Exploration and
Production.
The recent fall seems to have made Thai equities less
expensive. So, some buying is seen from investors who look
long-term for tax benefits, said Teerada Charnyingyong, an
analyst with Phillip Capital Thailand.
Vietnam shares hit a 3-week closing low, while
Indonesia shares gained for a third straight session.
($1 = 4.1485 ringgit)
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3131.48 3166.6 -1.11
Bangkok 1721.82 1696.92 1.47
Manila 7001.14 7059.38 -0.83
Jakarta 5820.668 5796.79 0.41
Kuala Lumpur 1735.18 1774.15 -2.20
Ho Chi Minh 993.96 996.19 -0.22
Change on year
Market Current End 2017 Pct Move
Singapore 3131.48 3402.92 -7.98
Bangkok 1721.82 1753.71 -1.82
Manila 7001.14 8558.42 -18.20
Jakarta 5820.668 6355.654 -8.42
Kuala Lumpur 1735.18 1796.81 -3.43
Ho Chi Minh 993.96 984.24 0.99
(Reporting by Niyati Shetty in Bengaluru; Editing by Vyas
Mohan)
