SE Asia Stocks-Philippine index slides again, Indonesia rebounds
* Philippine shares down for third session in four
* Indonesia snaps three session losing streak
By Sumeet Gaikwad
Sept 6 (Reuters) - Philippine shares sank for a second day
on Thursday as concerns about rising inflation lingered and
worries about an escalation in a bitter U.S.-China trade dispute
hit sentiment.
Indonesian shares recovered after three days of declines
during which other emerging markets stocks and currencies were
also pressured and the country's rupiah currency hit a
two-decade low.
"The onslaught of strong USD and sell-off in emerging market
currencies, led by the Argentine Peso and Turkish Lira have
paused, with some signs of buy-back," Mizuho Bank said in a
report.
"But this pause should not be mistaken as a turning point
because there is no sight of a panacea for the underlying chills
about emerging markets just yet."
The Philippine index slid 2.3 percent as industrial
and consumer discretionary stocks lost ground. Fast-food chain
Jollibee led the decline with a 1.9 percent fall, while
SM Investments Corp shed 3 percent.
Philippine annual inflation reached its highest in nearly a
decade in August, data showed on Wednesday, raising the chances
of an interest rate hike. The central bank will weigh the need
for further monetary policy action, Governor Nestor Espenilla
said.
Meanwhile, Indonesian shares rebounded after seeing
their worst fall in three years on Wednesday.
The Indonesian central bank stepped in after the rupiah hit
a 20-year low, while foreign investors trimmed positions in the
country's assets, with outflows reaching $58.8 million on
Wednesday, Thomson Reuters Eikon data showed.
Indonesia will raise import taxes on more than 1,000 goods
ranging from cosmetics to cars, as part of measures aimed at
cutting imports and supporting the rupiah, the finance minister
said on Wednesday.
Consumer staples and telecom stocks lent support to the
benchmark with Telekomunikasi Indonesia rising 2.1
percent. Unilever Indonesia rose 1.4 percent.
An index of the country's 45 most liquid stocks
was up 0.4 percent.
Malaysian shares edged higher, helped by financial
and telecom stocks. CIMB Group and Axiata Group
rose 0.7 percent and 1.6 percent, respectively.
Singapore and Thai shares were largely
unchanged.
For Asian companies, click
SOUTHEAST ASIAN STOCK MARKETS: AS AT 0345GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3158.81 3156.28 0.08
Bangkok 1685.43 1686.37 -0.06
Manila 7572.39 7752.27 -2.32
Jakarta 5704.526 5683.501 0.37
Kuala Lumpur 1796.86 1795.5 0.08
Ho Chi Minh 965.52 968.44 -0.30
Change on year
Market Current End 2017 Pct Move
Singapore 3158.81 3402.92 -7.17
Bangkok 1685.43 1753.71 -3.89
Manila 7572.39 8558.42 -11.52
Jakarta 5704.526 6355.654 -10.24
Kuala Lumpur 1796.86 1796.81 0.00
Ho Chi Minh 965.52 984.24 -1.90
(Reporting by Sumeet Gaikwad in Bengaluru
Editing by Sai Sachin Ravikumar)
