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Tuesday, May 17, 2022

SE Asia Stocks-Most drop in line with broader Asia

SE Asia Stocks-Most drop in line with broader AsiaMost Southeast Asian stock markets closed lower on Thursday, in line with losses across broader Asia, while Philippine shares extended their gains to a third straight session.

MSCI broadest index of Asia-Pacific shares outside Japan fell 0.7 percent.

Indonesian shares closed 0.4 percent lower, weighed down by telecom stocks such as PT Telekomunikasi Indonesia Tbk , which dropped 3.9 percent, and antenna and tower service provider PT Tower Bersama Infrastructure Tbk, which retreated 3.7 percent.

The index of the country’s 45 most liquid stocks slipped 0.9 percent.

Singapore’s stocks slipped 0.1 percent, as real-estate companies took a hit from the city-state’s stricter guidelines on maximum number of units in new blocks of private flats, in a move to tackle cramped housing.

Property developer City Developments Ltd fell 2.3 percent, while another real estate stock UOL Group Ltd declined 1.4 percent.

Philippine stocks bucked the broader trend, posting a gain of 0.6 percent. Heavyweight industrials such as SM Investments Corp gained 2.1 percent, while Aboitiz Equity Ventures Inc rose 3.5 percent.

Malaysian equities dropped, with Telekom Malaysia Berhad shedding nearly 2 percent, and oil and gas refiner Petronas Gas Berhad losing 1 percent.

The government predicted wider fiscal deficits and slower economic growth than earlier forecast through 2020, as it unveiled new forecasts in the mid-term review of its five-year development plan.

Thailand’s stocks fell 0.7 percent, dragged down by industrial and consumer stocks. Marine freight operator Precious Shipping PCL shed 1.6 percent, while construction supplies provider Dynasty Ceramic PCL slipped 0.9 percent.

Copyright Reuters, 2018

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Source: Brecorder

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