"Manila leads Asean bourses, SET ends higher" BANGKOK, February 1 -- Philippine shares rose 1.7%, helped by foreign investor buying and as the latest round of Sino-US trade talks kept hopes of a comprehensive trade deal alive, while Thai stocks closed 0.59% higher on Friday. The latest round of Sino-US trade talks ended on a positive note, with US President Donald Trump saying he was optimistic that the two nations could reach "the biggest deal ever made." The benchmark Philippine stock index was the biggest gainer in the region, boosted by financials and industrials. BDO Unibank climbed 3.7% and SM Investment Corp added 2.5%. Philippine shares advanced 1.1% this week in their fifth consecutive weekly gain. "Foreign buying in the Philippines has been consistent over the last few weeks, and for today the biggest driver would be foreign inflows towards emerging markets," said Charles William Ang, an analyst with COL Financial Group. Foreign investors bought net 1.02 billion pesos (US$19.54 million) worth shares on Friday and 5.75 billion pesos this week, according to Refinitiv data. Investors now await January inflation data and the central bank's monetary policy review due next week. Inflation had cooled more than expected in December, reinforcing views that the central bank is done raising interest rates. The Stock Exchange of Thailand index rose 9.67 points or 0.6% to 1,651.40, after data showed January's headline inflation rate was below the Bank of Thailand's target range of 1-4% for a third straight month. The BoT will review borrowing rates next week. The central bank governor had said in January that the country's accommodative monetary policy is still needed to support the economy. PTT Plc gained 1 baht or 2% to 49.50 baht, while Airports of Thailand Plc climbed 75 satang or 1.09% to 69.75 baht. Indonesian shares closed 0.1% higher after rising as much as 0.8% earlier, as losses in telecom stocks offset gains in financials. Indonesian shares gained 0.9% for the week, marking their sixth straight weekly rise. Bank Rakyat Indonesia (Persero) rose 1.8% to close at a record high, while Charoen Pokphand Indonesia jumped 4.4%. Indonesia's annual consumer inflation in January slowed more than expected, data from the statistics bureau showed. The Malaysian stock market was closed for a holiday.
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"Gains in financial, energy stocks help SET index rise" BANGKOK, January 31 -- Thai shares rose to a near eight-week closing high on Thursday after gains in the energy and financial sectors. Vietnam and Malaysia shares dropped but other Southeast Asian markets were in the green on the Federal Reserve's dovish outlook. The Fed kept rates at 2.25 % to 2.5 % on Wednesday as widely expected, which are well below historical averages. The US central bank also discarded its promises of "further gradual increases" in interest rates, and said it would be "patient" before making any further moves amid signs of global economic slowdown and a damaging trade war with China. Rising US borrowing costs in 2018 had led to massive capital flight from emerging markets, prompting regional central banks to hike rates to reduce the rate differential and combat a stronger US dollar. "Markets clearly like the newly dovish Fed, which had exceeded expectations for dovishness in the midst of a positive output gap and tight labour market," Mizuho Bank said in a client note. The Stock Exchange of Thailand index added 9.13 points or 0.56% to 1,641.72, in turnover worth 57 billion baht. Kasikornbank topped the most active stock. KBANK jumped 7 baht or 3.63% to 200 baht, Bangkok Bank gained 4 baht or 1.90% to 215 baht and Siam Commercial Bank closed at 133 baht, up 2 baht or 1.53%. PTT Plc added 25 satang or 0.52% to 48.50 baht and PTT Global Chemical ended 50 satang or 0.74% higher to 68 baht. Indonesian shares jumped 1.1%, boosted by financial and industrial stocks. The index rose 5.5% in January in its third straight monthly gain. Bank Central Asia and Unilever Indonesia gained about 2% and 1.9%, respectively. An index of the country's top 45 liquid stocks climbed 1.5% to its highest since April 2018. Philippine shares closed 0.3% higher after gaining as much as 1.5% earlier in the session. The benchmark stock index pared its gains after the central bank said January annual inflation is likely to settle within a range of 4.3% to 5.1%, above its target of 2-4% for 2019. Surging inflation had dented consumption and put pressure on the peso in 2018, prompting Bangko Sentral ng Pilipinas to hike its benchmark rate five times. The Philippine stock index added 7.3% in January, in its sharpest monthly gain since March 2016. Vietnam shares ended 0.6% lower, while Malaysian shares retreated from early gains to close flat. "SET index ends above 1,630 mark, leads SE Asian peers" BANGKOK, January 30 -- Thai shares lead the stock markets in Southeast Asia on Wednesday, with PTT Exploration and Production Plc emerging as the top boost to the index. The Stock Exchange of Thailand index recovered from early weakness to close at 1,632.60, up 8.55 points or 0.53%, in turnover worth 48 billion baht. PTTEP topped the most active stock after the company posted an 88.6% rise in full-year profit. PTTEP gained 2.50 baht or 2.11% to 121 baht, while Airports of Thailand Plc gained 1 baht or 1.5% to 69.75 baht. Philippine shares recorded their worst fall in two weeks, as investors awaited a US Federal Reserve rates review and key Sino-US trade talks. The Fed is widely expected to leave rates unchanged on Wednesday, as policymakers had made it clear that they plan a "patient" pause in rate hikes. The central bank is taking a wait-and-see approach to further tightening in the face of a global economic slowdown, US federal government shutdown, trade tensions and waning business and consumer confidence. Adding to investor caution is the start of a crucial round of Sino-US trade talks on Wednesday and Thursday. Philippine shares fell as much as 1.7% on profit-taking before recovering partially to close 0.9% lower. "We are seeing sales of shares of companies with large institutional following, investors are now being cautious about what will happen in the US Fed meeting," said Rachelle Cruz, a research analyst at AP Securities in Manila. Cruz said a lot of funds from the profit-taking were invested in "third-liner stocks", with Premiere Entertainment emerging as one of the most actively traded stocks after a funding deal worth 15 billion pesos (US$286.67 million) with a Qatar-based investment management firm. Index heavyweights BDO Unibank Inc and SM Prime Holdings lost 2.4% and 1.5%, respectively, while Premiere Entertainment closed at its highest level since November 1997. Malaysian shares fell 0.4%, dragged by utility and basic material stocks. Effects of the Sino-US trade war were seen with data showing Malaysia's exports to China, a major trading partner, contracted 0.5% annually in December, while shipments to the United States surged 13.5%. Singapore shares closed 0.4% lower, with DBS Group Holdings and Singapore Press Holdings falling 1.2% and 2.4%, respectively. Maritime Rescue Center opened on South China Sea islet as Beijing seeks to reinforce claims30/1/2019 TOKYO, January 30 -- China opened a maritime rescue center on one of its man-made islands in the disputed South China Sea on Tuesday, state-run media reported, as Beijing seeks to reinforce its claims in the strategic waterway. China’s Ministry of Transport opened the rescue center on Fiery Cross Reef, which is also claimed by Taiwan, Vietnam and the Philippines, “to better protect navigation and transport safety in the South China Sea,”. It quoted the ministry as saying the center “will offer better support to maritime rescue operations in the southern part of the South China Sea” near the Spratly chain. Beijing has built up a series of military outposts in the South China Sea, which includes vital sea lanes through which about $3 trillion in global trade passes each year. The Philippines, Vietnam, Malaysia, Taiwan and Brunei have overlapping claims. As part of what some experts say is a concerted bid to cement de facto control of the South China Sea, three of Beijing’s man-made islets in the Spratlys — Fiery Cross, Subi and Mischief reefs — all boast military-grade airfields. Recent reports have also said the islets, including Fiery Cross, have emplacements for missiles, extensive storage facilities and a range of installations that can track satellites, foreign military activity and communications. In a bid to offset concerns over the militarization of these islets, China has consistently said the facilities there are for defensive purposes and that the islands themselves are civilian and will provide navigational services to ships in the vicinity. But some observers have expressed concern that the moves could help boost Beijing’s claim of sovereignty over the islets. These moves have seen China build ecological conservation and restoration facilities and marine observation centers on Fiery Cross, Subi and Meiji Reefs. Xinhua has said that the facilities were “providing public services, including marine forecasts and disaster alarms, to the international society and passing vessels.” In late July, China announced that it would permanently station a search-and-rescue ship at Subi Reef, the largest of China’s seven man-made outposts in the Spratlys and home to a lighthouse and extensive docking facilities. In October, another rescue ship was sent to the region to replace the vessel. "The SET index added 1.41 points or 0.09% to 1,625.03 on Monday" BANGKOK, Januari 28 -- Thai shares closed higher for a ninth straight session, while Philippine stocks ended flat on Monday. It's retreating from an over 10-month high hit earlier in the session, as investors booked profits ahead of US-China trade talks and Federal Reserve meeting later this week. The Stock Exchange of Thailand index ended 1.41 points or 0.09% higher to 1,625.03, in turnover of 48 billion baht. It closed higher for a ninth straight session. Philippine shares have outperformed regional peers so far this year, gaining about 7.9%, helped by cooling inflation, a dovish Fed and hopes of an ease in the country's central bank monetary policy. Investors now await resolution of US-China trade negotiations as attention shifts to Chinese Vice Premier Liu He's visit to the United States on Wednesday and Thursday for the next round of talks. "An open and constructive dialogue is expected, given low-hanging fruits on trade deficit reduction. But a comprehensive deal will elude," said Vishnu Varathan, head of Economics and Strategy at Mizuho Bank in Singapore, in a note. Most investors are cautious and therefore "we are seeing profit-taking activity", said Rachelle Cruz, a research analyst at AP Securities in Manila. The Fed is expected to leave interest rates unchanged after raising them for a fifth time in as many quarters in December. Markets in Singapore, Indonesia and Malaysia fell as the region's biggest trade partner, China, echoed signs of a slowing global economy after data showed earnings at China's industrial firms shrank for a second straight month in December. Indonesian shares fell 0.4%, hurt by losses in telecommunication services and financials. Unilever Indonesia and Bank Mandiri (Persero) were the biggest drag, falling over 2.5% each. The country's index of 45 most liquid stocks fell about 0.7%. Malaysian shares slipped 0.2%, as Genting Bhd lost 1%, while Malaysia Airports Holdings fell 1.8%. MANILA, January 27 -- The number of casualties after twin explosions at a cathedral in the southern Philippines has risen to 27 dead and 71 wounded, a regional police director said Sunday. Fourteen civilians and seven soldiers were killed in the bombings at the cathedral in Jolo town in Sulu province, about 620 miles south of Manila, said Chief Superintenent Graciano Mijares. Fifty-six civilians and 15 security force members were hurt in the bombings, he added. The security forces were responding to the first blast, which occurred inside the cathedral, when the second explosion occurred at the parking lot, authorities said. The first bomb went off in or near the Jolo cathedral in the provincial capital, followed by a second blast outside the compound as government forces were responding to the attack, security officials said. The blasts blew away the entrance to the cathedral and ripped through the main hall, shredding to pieces the pews and toppling other doors. Police said at least 27 people died and 71 were wounded. The fatalities included 20 civilians and seven troops. Among the wounded were 10 troops, two police and 59 civilians. Photos showed debris and bodies lying on a busy street outside the Cathedral of Our Lady of Mount Carmel, which has been hit by bombs in the past. Troops in armored carriers sealed off the main road leading to the church while vehicles transported the dead and wounded to the hospital. Some casualties were evacuated by air to nearby Zamboanga city. "Malaysia stocks lead SE Asian gains, SET closes higher" BANGKOK, January 25 -- Most Southeast Asian stock markets edged higher on Friday with Malaysia leading the pack, while Thai shares closed higher. The Stock Exchange of Thailand index gained 3.09 points or 0.19% to 1,623.62, in turnover of 55 billion baht. CPALL Plc, PTT Global Chemical Plc and PTT Plc were the most active stocks.CPALL was up 25 satang or 0.32% to 77.25 baht, while PTT GC dropped 2 baht or 2.9% to 67 and PTT ened 25 satang or 0.51% lower to 48.75. Malaysian shares rose 0.4%, posting their fifth session of gains in six, driven by materials and consumer cyclicals. The investment banking arm of Malayan Banking Bhd (Maybank), Malaysia's largest bank by assets, is closing its institutional research business in Hong Kong and China as part of restructuring the institutional brokerage business, a bank spokeswoman said. Shares of the company rose 0.4% to their highest close in over three months. Singapore trimmed earlier gains after data showed industrial production rose slower than expected in December. Singapore shares climbed about 1% intraday on positive corporate earnings, before paring gains to close 0.4% higher. Keppel Corp Ltd posted a fourth-quarter net profit of S$135 million (US$99.39 million), compared to a net loss a year earlier, while Singapore Exchange Ltd posted a 9% rise in second-quarter net profit. Shares of Keppel Corp rose 1.1%, while those of Singapore Exchange firmed 0.9%. Data released earlier showed the city-state's manufacturing output in December rose 2.7% from a year earlier, compared with a Reuters forecast of 4.4% expansion and 7.6% on-year growth seen in November. "Should 4Q18 GDP manufacturing growth get shaded down in tandem with how industrial production fared (assuming ceteris paribus), 4Q18 GDP print will likely print at its 2.0% handle, thus bringing full-year 2018 GDP growth print to 3.2%," United Overseas Bank said in a note. Material and telecom stocks helped the benchmark Indonesian index close higher. Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan rose 0.5%, while Bank Central Asia Tbk PT firmed 0.7%. For the week, Indonesian shares added 0.7% in their fifth straight weekly gain. Philippine shares erased earlier gains to close slightly lower, but posted their fourth straight weekly gain. Industrials were the biggest drag on Friday with Aboitiz Equity Ventures dropping 4.2% and JG Summit slipping 2.1%. "SET edges higher, Philippine shares lead SE Asian peers" BANGKOK, January 24 -- Thai shares were slightly higher on Thursday, while the Philippine market led the pack as investors expect the country's central bank to ease monetary policies after data showed the economy grew slower than expected in the fourth quarter of 2018. The Stock Exchange of Thailand index gained 3.15 points or 0.19% to 1,620.53, in turnover worth 60 billion baht. CPALL Plc, PTT Plc and Airports of Thailand Plc topped the most active stocks. CPALL added 1.50% to 77 baht, while PTT and AoT dropped 1.01% to 49 baht and 1.44% to 68.25 baht, respectively. The Philippine economy grew 6.1% in the fourth quarter from a year earlier, slightly faster than the previous quarter's 6.0%, but below the 6.2% seen in a Reuters poll. That brought full-year growth of 6.2%, below the government's downwardly revised target of 6.5-6.9% and 2017's pace of 6.7%. Some economists say if growth slows more, the central bank, which hiked rates five times in 2018 by 175 basis points in total to battle high inflation, could loosen policy this year. "We can see the BSP (Bangko Sentral ng Pilipinas) slashing RRR (reverse repo rate) further in the first quarter followed by a possible policy rate cut in the second quarter to help bolster growth for the second half of the year," Nicholas Mapa, a senior economist with ING, said in a note. The benchmark Philippine stock index rose 0.9% to its highest close in over 10 months, buoyed by financials and industrials. Index heavyweights Universal Robina Corp and Bank of the Philippine Islands gained 3.5% and 2.1%, respectively. Malaysian stocks rose 0.3% after data showed lower-than-expected December inflation and the central bank held rates. The consumer price index rose 0.2% in December from a year earlier, below the 0.4% forecast in a Reuters poll. The central bank kept its key interest rate at 3.25% as widely expected and said the economy was expected to remain on a steady growth path in 2019. Materials and financials were among the top gainers with Malayan Banking Bhd rose 0.8%, while Petronas Chemicals Group Bhd firmed 1.2%. Meanwhile, a trading mishap in Singapore's Jardine Matheson Holdings Ltd sent the benchmark stock index down as much as 0.6% before it recovered. Shares of Jardine Matheson briefly tanked 83.5%, losing nearly US$41 billion in market value, before recovering in what traders said was likely a "fat finger" error when 167,500 shares changed hands at $10.99 compared to Wednesday's close of $66.47. Jardine Matheson closed 0.5% higher. "Thai stocks lead SE Asian peers on election announcement" BANGKOK, January 23 -- The SET index rises after a royal decree calling for the election was announced on Wednesday. The Stock Exchange of Thailand index climbed almost 1% after a royal decree for a general election was issued on Wednesday. The SET index added 15.61 points or 0.97% to end the day at 1,617.38, in trade of 67.87 billion baht. Stock heavyweights PTT Plc, Kasikornbank Plc, Airports of Thailand Plc and Siam Commercial Bank Plc were among the most active stocks. The index jumped soon after His Majesty the King issued the royal decree for the election, which took immediate effect, followed by the poll date of March 24 set by the Election Commission hours later. The Thai shares were also buoyed by financials and telecoms. Meanwhile, the Bank of Thailand said the baht's strength is in line with regional currencies, as the dollar has weakened. The baht, Asia's best performing currency, has appreciated about 2.6% against the dollar this year, hovering around its highest in more than eight months hit last week. "Expectations of foreign inflows into Thai assets also weigh on the pair (USD-THB). This is in contrast to yesterday where foreign investors sold $39.1 million and $46.8 million in equities and debt," Maybank said in a note. Malaysian shares snapped three straight sessions of gains and closed 0.8% lower, weighed down by the material and financial sectors. The Malaysian market dropped ahead of a central bank meeting. Shares of Press Metal Aluminium Holdings Bhd dropped 6.1%, while those of CIMB group Holdings Bhd fell 1.9%. Bank Negara Malaysia will likely keep its benchmark overnight interest rate unchanged at 3.25% at its policy review on Thursday, a Reuters poll showed, with the last move a year ago, when it raised the rate by 25 basis points. The consumer price index likely rose 0.4% in December from a year earlier, a Reuters poll showed, slightly faster than the previous month. Among other losers, Singapore dropped 0.7% after data showed inflation rose more than expected in December. The headline consumer price index rose 0.5% in December from a year earlier, higher than the 0.4% rise expected by economists in a Reuters poll and the 0.3% increase in November. Financials and industrials were among the top losers with DBS Group Holdings Ltd shedding 1.6% and Hutchison Port Holdings Trust dipping 2%. Philippine shares erased most of earlier losses to close slightly lower ahead of fourth-quarter GDP data. A Reuters poll of 12 economists predicts the gross domestic product for the December quarter to have expanded by 6.2% from a year earlier, marginally up from July-September's 6.1%, a three-year low. Financial and consumer discretionary stocks were among the top losers with Jollibee Foods Corp declining 2.5% and Bank of the Philippine Islands shedding 2.1%. "Philippine stocks lead region, SET up slightly" BANGKOK, January 18 -- Southeast Asian stock markets rose on Friday, with Philippines hitting a nine-and-a-half-month closing high and the Stock Exchange of Thailand ending slightly higher. The regional gains followed a report of progress in Sino-US trade talks raised hopes of a deal to end a bitter tariff war between the world's top two economies. Philippine shares led the gains in Southeast Asia with a jump of 1.5% ahead of the release of fourth quarter GDP data next week. "Investors are anticipating positive results or at least within expectations," said Miguel Ong, an analyst with AP Securities, referring to the GDP data. Industrial and real estate stocks were the biggest contributors with index heavyweights SM Prime Holdings Inc and Jollibee Foods rising further after Wednesday's sharp fall. SM Investments Corp climbed 2.4%, SM Prime Holdings rose 2.9% and Jollibee Foods gained 3.8%. For the week, Philippine shares added 1.8% in their third straight weekly gain. The SET index gained 3.47 points or 0.22% to 15,83.77, in turnover of 48 billion baht. Siam Commercial Bank Plc plunged 8 baht or 5.86% to 128.50 baht after the bank's net profit tumbled 23% year-on-year in the fourth quarter of 2018. Kasikornbank Plc eased 1.50 baht or 0.81% to 183 although it reported a 12% jump in 2018 profit. Other Southeast Asian stock markets closed marginally higher, in line with broader Asia following a renewed bout of optimism rising from a Wall Street Journal report that stated US Treasury Secretary Steven Mnuchin discussed lifting some or all tariffs imposed on Chinese imports and suggested offering a tariff rollback during trade discussions scheduled for Jan 30. However, a Treasury spokesman denied the report, saying the process with China was "nowhere near completion." Despite the denial, MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.55%. Malaysian shares rose 0.6% on Friday, boosted by gains in material stocks, and 0.5% this week. Petronas Chemicals Group Bhd rose 2.4%, while Top Glove Corp Bhd climbed 2.8%. Indonesian shares rose 0.4%, erasing earlier losses following the release of December motorbike sales data. Index heavyweight Astra International Tbk PT rose 2.4% following an 8.9 % annual growth in December motorcycle sales. Meanwhile, financials also gained with Bank Central Asia Tbk PT hitting a record high. An index of the country's 45 most liquid stocks rose 0.6%. For the week, Indonesian shares rose 1.4% in their fourth straight weekly gain. "SET ends higher, Philippine shares lead SE Asian peers" BANGKOK, January 17 -- The SET index added 2.89 points or 0.18% to 1,580.30, in turnover worth 41.84 baht. A bounce-back in real estate stocks helped the benchmark Philippine index snap two straight sessions of declines and close 0.8% higher. SM Prime Holdings Inc rose 3.5%, following the previous session's sharp fall on a report that one of its reclamation projects may be shelved. The company when contacted said it had a good case to get the project, said Rachelle C Cruz, an analyst with AP Securities. She said SM Prime added it had been compliant with government regulations and had received a provisional notice to proceed with its plan. "Whenever property companies as well as banks of these conglomerates (holding companies) do well, the parent companies also do well. Since they have sizable weight on the index, they essentially guide the movement of the index. So whenever they recover, the index also recovers," she said. Meanwhile, foreign investors have invested a sizeable amount in Indonesia and the Philippines, helping these markets start the new year on a firm note. "When the US dollar weakens, they (foreign investors) tend to shift to emerging markets, also to take advantage of the differential of interest rates," she said. "In terms of GDP forecast for 2019, we expect to maintain a strong growth especially for Vietnam, Indonesia and the Philippines. That's why their indices tend to get more inflows in the region." Malaysian shares rose 0.6%, boosted by consumer cyclicals. Genting Bhd added 6.2%, while Petronas Chemicals Group Bhd gained 1.5%. Indonesian shares closed marginally higher after the central bank held interest rates and said the current level was "near its peak". Meanwhile, Singapore shares closed 0.5% lower following an unexpected fall in December exports. The city-state's exports recorded the worst decline in more than two years in December, falling 8.5% compared to an expectation of a 1.5% rise in a Reuters poll. BANGKOK, Janaury 16 -- Three Philippine women have been arrested in Pattaya for soliciting donations from tourists for a children's foundation that police found does not exist. Belinda Austria Toledo, 55; Jessica Bayutas Ortega, 50; and Ruthie Espina Babila, 38, were detained while they were fund-raising in front of a restaurant on Phettrakul in Bang Lamung district, Pol Col Apichai Krobphet, chief of Pattaya city police, said on Wednesday. The trio claimed to represent the Children’s Joy Foundation. One of them played a guitar and the two others approached tourists, seeking money to support needy children. Police seized 10 books detailing names of donors, a guitar, two boxes of printed leaflets seeking donations, 5,690 baht cash and other items. The women's passports showed they entered the country as tourists, but they had no documents regarding fund-raising activities on behalf of a foundation. Besides, the foundation did not exist, Pol Col Apichai said. The trio confessed to having raised money the same way in several areas of Thailand for more than a year. They have been charged with colluding in raising funds without permission, being foreign nationals working without permission, and having no work permits. "Philippine shares jump, SET leads regional decline" BANGKOK, January 14 -- Philippine shares jumped 1.5% on Monday to a nine-month closing high, driven by a recovery in financials. Meanwhile the Stock Exchange of Thailand and other Southeast Asian markets fell in line with broader Asia after a shock contraction in Chinese exports raised fears of a sharper slowdown in global growth. The key Philippine stock index bounced back from early falls to close higher for a third session in four.
Financials dragged the benchmark index lower on Friday after reports that the Philippine unit of South Korean shipbuilder Hanjin Heavy Industries & Construction Co Ltd, Subic Shipyard, had filed for court rehabilitation proceedings, leaving top lenders in the archipelago to cover the fallout. "I guess investors realised that it was an overreaction. They are performing quite strongly right now… Financials are one of the strongest stocks today," said April Lee Tan, head of research at COL Financial Group. Bank of the Philippine Islands and Metropolitan Bank and Trust Co rose 2.1% and 2.6%, respectively. Meanwhile, China trade shock rattled other markets in the region. China's exports unexpectedly fell the most in two years in December, while imports also contracted, pointing to further weakness in the world's second-largest economy in 2019 and deteriorating global demand. The SET index led the decline in the region with a 0.91% drop, hurt largely by energy stocks. The index lost 14.47 points to close at 1,582.57, in turnover worth 41.57 billion baht. PTT Plc shed 1.25 baht or 2.54% to 48, while Indorama Ventures Plc dropped 5.50 baht or 10.28% to 48. Singapore stocks snapped six straight sessions of gains to close 0.8% lower, hurt by utilities and telecoms. Jardine Strategic Holdings Ltd slipped 2.3%, while Singapore Telecommunications Ltd dropped 1.6%. BANGKOK, January 9 -- The Stock Exchange of Thailand index ended marginally lower on Wednesday, snapping three straight sessions of gains, dragged by healthcare stocks. Other Southeast Asian stock markets closed mixed, with Philippines rising nearly 3%, on rising optimism that talks between China and the United States could end a months-long trade war between the world's top two economies. Chinese and US teams ended trade talks in Beijing on Wednesday that lasted longer than expected, with China's Foreign Ministry spokesman Lu Kang saying that the longer-than-expected negotiations suggested the countries were serious in talks. "Sentiment across the region is improving due to the current talks between US and China, as investors are already buying back their positions in the market in expectation of positive results," said Rachelle Cruz, an analyst with AP Securities. The SET index ended 1,590.50 at the close, easing 3.50 points or 0.22%, in turnover worth 46 billion baht. Bangkok Dusit Medical Services Plc slumped two baht or 8.10% to close at 22.70, Bumrungrad Hospital Plc lost 16.50 baht or 8.57% to end at 176 baht, and Bangkok Chain Hospital Plc dropped 60 satang or 3.66% to 15.80 baht. Philippine shares closed 2.8% higher, posting their sharpest gain since Sept 21, 2018 and their highest close in nine months, supported by industrials. Conglomerates SM Investments Corp and JG Summit Holdings Inc advanced 6.1% and 5.9%, respectively. "Foreign investors are coming back to the Philippine markets since the macro concerns have partly improved and the currency has strengthened against the dollar," said Cruz. Foreign investors have invested a net US$75.53 million in equities so far this year after offloading $1.08 billion last year. Last week, government data showed that inflation cooled more than expected in December. The market now awaits trade data for November due this week for further clues about the economy. Singapore stocks climbed 1.1%, extending gains into a fourth session. Jardine Matheson Holdings Ltd, the index's largest company by market value, rose 1.9%, while DBS Group Holdings Ltd gained 1.4%. Vietnam shares advanced over 1%, boosted by financial and real estate stocks. Joint Stock Commercial Bank for Investment and Development of Vietnam rose 3.1%, while Vincom Retail JSC gained 5.3%. "Philippine shares top gainer, Vietnam stocks sink" BANGKOK, January 3 -- Philippine shares rallied on Thursday on expectations of positive inflation data, while stocks in technology export reliant Vietnam sank to an over one-year low after iPhone maker Apple Inc cut its sales forecast. Apple's move to cut its quarterly sales forecast blaming slowing iPhone sales in China sent US stock futures and Asian shares tumbling, with MSCI's broadest gauge of Asia-Pacific shares outside Japan falling 0.6%. Vietnam's index was the top loser in the region, plunging 1.5% to an over one year closing low. "Vietnam is tightly caught up in the tech story. We are becoming a very large tech hub for a lot of the outflow from tech companies based in China," said Fiachra Mac Cana, head of research at Ho Chi Minh Securities. Vietnam is the largest smartphone production base for South Korean mobile phone giant Samsung Electronics, while the country's largest earner from exports are smartphones. "For us, it's like if demand for iPhones are weak, will demand for Samsung phones also be weak then? Yes, very easily. All of that makes the Vietnamese market a complete risk off environment right now," he added. Singapore's benchmark index also tumbled, with electronic equipment maker Venture Corp among top percentage losers, shedding 1.8%. The Stock Exchange of Thailand index dropped 5.91 points or 0.38% to 1,560.03, in trade worth 39 billion baht. The country's energy-heavy index see-sawed throughout the session to end lower, with energy stocks slumping in tandem with falling oil prices amid worries over lower fuel demand in 2019 and surging crude supplies. However, defying the broader Asian downturn was Philippine's index, which soared 2.6% to close at a near one-month high, ahead of inflation data due on Friday. A Reuters poll shows that the country's inflation is expected to cool to a six-month low in December. "Investors were mainly concerned about inflation during 2018... so now we're seeing some buying in the index stocks as there's better expectation on earnings growth," said Rachelle C Cruz, an analyst at AP Securities. Benchmark heavyweight SM Investments Corp's stock rose 4.6%, while that of conglomerate Aboitiz Equity Ventures Inc added 6.2%. Malaysia's index also rose, with shares of palm oil producer Sime Darby Plantation Bhd rising 3.5% and those of lender Hong Leong Financial Group Bhd firming 3.2%. Indonesia's benchmark edged up with household products maker Unilever Indonesia Tbk's counter notching a 2.4% gain, while animal feed producer Charoen Pokphand Indonesia Tbk rose 4%. |
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