By Nikhil Nainan
Dec 7 (Reuters) - Singapore shares fell for a fourth
straight session on Thursday, dragged down by industrials and
financials, while Philippine stocks rose for a second time in
Asian shares hovered above two-month lows as some high-tech
bellwethers bounced back after a searing sell-off although
softer oil and copper prices and uncertainty over U.S. policy
kept many investors cautious.
Investors are looking to final tax reform legislation in the
United States, where a potential U.S. government shutdown looms
if Congress fails to agree on a spending package.
Singapore's FTSE Straits Times Index, which had shed
1.5 percent this week as of Wednesday's close, closed 0.3
"Yesterday was quite bad… I guess it was part of the broader
selloff… So I think now it's just waiting for the next catalyst,
which is the Senate and House having to reconcile their tax
bill," said Joel Ng, an analyst at KGI Securities in Singapore.
Jardine Matheson Holdings dropped 2.2 percent and
Jardine Strategic Holdings declined 2.9 percent.
However, property stocks rose with City Developments
climbing 4.6 percent.
"They are probably rangebound at this level, so I think you
are starting to see investors coming in, in view of the positive
outlook over the next few years for property," Ng added.
Philippine shares closed more than half a percent
higher, helped by gains in telecom and energy stocks.
PLDT Inc rose 1.7 percent, while Semirara Mining
and Power Corp jumped 7 percent.
Indonesian shares closed 0.5 percent lower, snapping
three consecutive sessions of gains, with financials leading the
An index of the country's 45 most liquid stocks
dropped 0.6 percent.
Malaysian stocks closed little changed with a 6
percent rise in Sime Darby Plantation negating losses
in Telekom Malaysia and IJM Corp Bhd.
Vietnam dropped 1 percent, extending falls into a
third session, hurt by losses in Vietnam Dairy Products JSC
and Saigon Beer Alcohol Beverage Corp.
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON THE DAY
Market Current Previous close Pct Move
Singapore 3388.14 3397.21 -0.27
Bangkok 1703.37 1694.39 0.53
Manila 8174.93 8129.62 0.56
Jakarta 6006.835 6035.508 -0.48
Kuala Lumpur 1719.05 1718.33 0.04
Ho Chi Minh 938.65 947.64 -0.95
Change so far this year
Market Current End 2016 Pct Move
Singapore 3388.14 2880.76 17.61
Bangkok 1703.37 1542.94 10.40
Manila 8174.93 6840.64 19.51
Jakarta 6006.835 5296.711 13.41
Kuala Lumpur 1719.05 1641.73 4.71
Ho Chi Minh 938.65 664.87 41.18
(Reporting by Nikhil Kurian Nainan; Editing by Subhranshu Sahu)