SE Asia Stocks-Pause after recent gains
* Philippines down after 3 sessions of gains
* Indonesia comes off all-time high
By Nicole Pinto
Jan 24 (Reuters) - Southeast Asian stock markets took a
pause on Wednesday after recent sharp gains, with the Philippine
index retreating from a record high hit in the previous session.
Investors also turned cautious after U.S. President Donald
Trump signed into law a steep tariff on imported solar panels,
which is among the first unilateral trade restrictions imposed
by the administration as part of a broader protectionist agenda.
"While washing machines and solar panels themselves
constitute a negligible portion of U.S. imports, it is more
crucial to see whether there are more trade measures to come,"
Mizuho Bank said in a note.
The Philippine stock index dropped as much as 0.5
percent and was headed for its first session of decline in four.
It has gained more than 4.5 percent so far this year.
"The index broke above the 8,969 resistance yesterday and
technically we think it's on the way to hit 9,150, but we might
see some downturn today," said Benjamin Ngan, a research analyst
with RCBC Securities in Manila.
The Department of Finance plans to submit a tax package,
complementing its second package which aims to adjust taxes on
alcohol, tobacco, mining and coal, the analyst said.
"This may be weighing on the market, especially consumer
stocks," Ngan added.
Industrials were the biggest losers on Wednesday with SM
Investments Corp shedding as much as 1.4 percent.
Indonesian shares hit a fresh high before declining
as much as 0.3 percent after a seven-session rally.
Index heavyweight Telekomunikasi Indonesia (Persero) Tbk
Perusahaan Perseroan PT dropped as much 1.5 percent in
what could be its sixth consecutive session of decline.
Singapore shares fell as much as 0.3 percent before
erasing losses. United Overseas Bank Ltd slipped as
much as 0.8 percent, while Keppel Corp Ltd fell up to
1.6 percent.
Vietnam's Ho Chi Minh stock exchange was closed for a
second day on technical issues.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: Change as at 0354 GMT
Market Current Previous Pct Move
close
Singapore 3595.1 3592.08 0.08
Bangkok 1832.07 1831.78 0.02
Manila 8954.74 8999.02 -0.49
Jakarta 6619.323 6635.334 -0.24
Kuala Lumpur 1835.77 1838.04 -0.12
Change on year
Market Current End 2017 Pct Move
Singapore 3595.1 3402.92 5.65
Bangkok 1832.07 1753.71 4.47
Manila 8954.74 8558.42 4.63
Jakarta 6619.323 6355.654 4.15
Kuala Lumpur 1835.77 1796.81 2.17
(Reporting by Nicole Pinto in Bengaluru; Editing by Subhranshu
Sahu)
