SE Asia Stocks-Philippines, Indonesia extend falls on Turkey woes
* Indonesian stocks post more than 1-month closing low
* Philippine shares decline for fourth straight session
By Ambar Warrick
Aug 14 (Reuters) - Most Southeast Asian stock markets closed
lower on Tuesday, with the Philippines and Indonesia shedding
about 1.5 percent each, as the collapse of Turkish lira
continued to hurt risk appetite in emerging markets.
The lira has lost more than 70 percent of its
value against the dollar this year, largely over worries about
President Tayyip Erdogan's influence over the economy and
deteriorating ties with the United States.
It recovered slightly on the day after the central bank said
it would provide liquidity and cut reserve requirements for
banks.
In Southeast Asia, Philippine shares fell for a
fourth straight session with financial and real estate stocks
leading the decline.
Bank of the Philippine Islands shed 3.3 percent,
while property developer SM Prime Holdings Inc lost
2.3 percent.
"Most other emerging markets slowed over the past few
sessions, and the Philippines is not an exception. They have
been lower primarily on fears of contagion," said Charles
William Ang, an associate analyst at COL Financial Group.
"The Philippine market has rallied over the past two months,
up until last week. Profit-taking is to be expected, and I think
the market could be soft for the rest of the week."
Indonesian shares extended losses into a second
session and posted its lowest close in more than one month,
dragged mainly by consumer stocks.
Cosmetics maker Unilever Indonesia fell 3.8
percent, while consumer goods conglomerate Astra International
Tbk PT ended 3.9 percent lower.
Indonesia has been struggling with extended capital outflows
amid concerns over a weak rupiah and spiking inflation.
Foreign direct investment contracted 12.9 percent in the second
quarter from a year earlier, the country's investment board
reported.
President Joko Widodo will hold a cabinet meeting on Tuesday
to discuss foreign exchange strategy, a day after the rupiah
plunged more than 1 percent.
The central bank is also expected to keep its benchmark
interest rate unchanged at its policy meeting on Wednesday,
according to a Reuters poll.
Thai shares ended lower, while Malaysia and
Vietnam ended flat.
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3242.87 3245.34 -0.08
Bangkok 1695.35 1705.96 -0.62
Manila 7527.78 7635.27 -1.41
Jakarta 5769.873 5861.246 -1.56
Kuala Lumpur 1783.78 1783.34 0.02
Ho Chi Minh 978.27 978.04 0.02
Change on year
Market Current End 2017 Pct Move
Singapore 3242.87 3402.92 -4.70
Bangkok 1695.35 1753.71 -3.33
Manila 7527.78 8558.42 -12.04
Jakarta 5769.873 6355.654 -9.22
Kuala Lumpur 1783.78 1796.81 -0.73
Ho Chi Minh 978.27 984.24 -0.61
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(Reporting by Ambar Warrick in Bengaluru; Editing by Subhranshu
Sahu)
