"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%.
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"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%. "SET rises on trade surplus but BDMS, BA shares slump" BANGKOK, January 21 -- A trade surplus and a surge in oil prices drove the Stock Exchange of Thailand index. While Bangkok Dusit Medical Services Plc (BDMS) and Bangkok Airways Plc (BA) shares plunged on Monday after the resignation of billionaire founder Prasert Prasarttong-Osoth. The rose 4.61 points or 0.29% to 1,588.38, in turnover of 45 billion baht, after data showed higher exports for 2018 and due to a surge in oil prices. While in December, an 8.15% decline in imports resulted in a trade surplus of $1.06 billion, compared to expectations of $1.1 billion deficit. Meanwhile, crude prices rose to their highest in 2019 after data showed refinery processing in China climbed to a record last year despite a slowing economy. Energy stocks PTT Plc and PTT Exploration and Production Plc were among the top boosts. PTT rose 50 satang or 1.04% to 48.75 baht and PTTEP gained 2 baht or 1.60% to 127 baht. Shares of BDMS plunged 2 baht or 8.47% to 21.60 baht, while BA slid 90 satang or 7.14% to 11.70 baht, after Dr Prasert resigned as chief executive officer of BDMS and BA. The move came after the Securities and Exchange Commission on Friday of BA stock manipulation. Ms Poramaporn, chief operating officer at BDMS, and Ms Narumon, executive secretary to the CEO of BA, also on Monday. Other Southeast Asian stock markets ended mixed on expectations of further stimulus from China after data showed the slowest rate of annual economic growth in 28 years, while positive remarks regarding US-China trade relations boosted investor sentiment. China's economic growth cooled slightly to 6.4% in the fourth quarter from a year earlier, weighed down by weak investment, faltering consumer confidence and the trade war with the United States, leaving 2018 growth at 6.6%, the weakest since 1990. Chinese policymakers have pledged more support to the economy this year with the government expected to unveil more fiscal stimulus measures during the annual parliament meeting in March. "Markets had expected the slowing economic growth, I think focus is shifted to stimulus measures that China has announced over the past few weeks," said Joel Ng, an analyst with KGI Securities. Meanwhile, US President Donald Trump said on Saturday there had been progress toward a trade deal with China, but denied that he was considering lifting tariffs. Broader Asian markets edged higher with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.2%. Vietnam stocks led gains in Southeast Asia with a rise of 1%. Financial and real estate stocks were among the top contributors with both CMC Corp and Ninh Van Bay Travel Real Estate JSC rising 7%. Singapore stocks closed marginally lower ahead of December inflation data expected on Wednesday. The city-state's consumer price index probably rose 0.4% last month from a year earlier, according to a Reuters poll. Philippine shares snapped two straight sessions of gains as investors booked profits after the benchmark stock index posted a nine-and-a-half-month closing high on Friday Malaysian markets were closed for a holiday "SET index slightly gains, Philippine shares slump" BANGKOK, January 16 -- The Stock Exchange of Thailand index slightly increased, while Philippine shares fell the most in 10 weeks on Wednesday, dragged by real estate stocks. The SET index ended the day at 1,577.41, up 0.41 points or 0.03%, in turnover of 50 billion baht. The key Philippine stock index closed 1.9% lower, with losses concentrated in the real estate sector as SM Prime Holdings Inc, the country's biggest property firm by market capitalisation, slumped on a report that one of its reclamation projects may be shelved. The secretary of the Department of Interior and Local Government said the reclamation projects in the Manila Bay should be scrapped for the area's rehabilitation, GMA Network reported. In 2013, the group signed a 54.5 billion pesos (US$1.04 billion) joint venture agreement with the Pasay City government to reclaim 300 hectares of land in the Manila Bay area. The project comprised a majority of the group's expected reclamation and is the reason behind the stock's plunge, said Charles William Ang, an analyst with COL Financial Inc. Shares of SM Prime fell 6.9% to a two-week closing low in heavy trade. Over 45.5 million shares changed hands, 3.3 times the 30-day average. Ayala Corp, another index heavyweight, sank 5.3% to a two-week closing low after Mitsubishi sold 13 million shares of the company at a 7.3% discount to Tuesday's close. "I think the drop in the index is because of them. So, it is more company-specific than anything in the economy," Charles added. Meanwhile, China's central bank injected a record $83 billion into the country's financial system, seeking to avoid a cash crunch that would put further pressure on the weakening economy. With rising uncertainty over the ailing economy, most stock markets in the region remained rangebound as investors adopted a wait-and-watch approach. Malaysian shares fell 0.4%, weighed down by financial and utility stocks. Public Bank Bhd shed 1.1%, while Tenaga Nasional Bhd dropped 1.9%. Singapore shares closed higher for an eighth session in nine, helped by financial and consumer non-cyclical stocks. Thai Beverage Plc gained 2.1%, while DBS Group Holdings Ltd firmed 0.6%. SINGAPORE, January 14 -- A Singapore Airlines (SIA) flight headed to London's Heathrow Airport found it had an unintended passenger - a mynah.
Business-class passengers found themselves greeted by the avian stowaway about 12 hours into the flight. A typical Singapore-London flight takes about 14 hours. In a statement on Sunday (Jan 13), an SIA spokesman confirmed that a bird was found on flight SQ322 last Monday (Jan 7). "It was subsequently caught by cabin crew with the assistance of some of the passengers on board," said the spokesman. In a video posted on Facebook, the mynah can be seen perched, seemingly unfazed, on top of an unsuspecting passenger's headrest. An air steward is seen making a grab for the bird but it evades capture. SIA said the bird was handed over to animal quarantine authorities once the aircraft touched down in London. The airline did not provide more information on how the bird got into the aircraft. SEOUL, January 12 -- Chinese President Xi Jinping is highly likely to visit North Korea in April, followed by a visit to South Korea in May, the Korean Herald reported, citing South Korea's ruling party leader. "It seems like Chinese President Xi Jinping is slated to visit North Korea in April, and there is a high possibility that he will visit South Korea in May," Democratic Party leader Lee Hae-chan was quoted as saying on Friday (Jan 11) during a meeting with new presidential chief of staff Noh Young-min upon his courtesy call on the National Assembly. "A summit between China and North Korea, followed by a second US-North Korea summit and inter-Korean summit will foster peace in North-east Asia," Lee said. Lee added the leaders of the countries appear likely to meet frequently in the first half of the year. He also said the path for inter-Korea economic exchanges and cooperation is now visible, which could revitalise the economy. Xi had met North Korean leader Kim Jong Un in Beijing this week, which was their fourth summit meeting, during the latter's four-day visit to the Chinese capital. China is considered the best buffer North Korea has against US pressure and sanctions as Kim prepares for a second meeting with Trump. He also consulted with Xi before and after his first meeting with Trump, which took place in Singapore in June. The June meeting produced a vaguely worded agreement to "work towards complete denuclearisation of the Korean Peninsula" and "new" relations between North Korea and the United States, which have been adversaries for seven decades. But talks have since stalled over how to implement the Singapore deal. Washington wants North Korea to start dismantling its nuclear facilities and weapons, while the North has demanded that the United States first build trust with corresponding measures, starting with the easing of sanctions. When Xi met Kim on Tuesday, the Chinese leader urged North Korea and the United States to meet each other "in the middle" "Healthcare stocks drag SET index, Philippine shares jump" BANGKOK, January 10 -- 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. Healthcare stocks dropped after the government added medicine, medical supplies and medical services to its price control lists. 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%. 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%. "SET index, Philippine stocks cling to meager gains" BANGKOK, January 2 -- The Stock Exchange of Thailand index and Philippine shares ended slightly higher, while other Southeast Asian markets ended in the red on Wednesday with Malaysia losing the most. Disappointing Chinese economic data and a barrage of other dismal economic indicators stoked fears of a slowdown. In China -- the region's largest trading partner -- the Caixin/Markit PMI slipped into contraction territory for the first time in 19 months in December, broadly tracking an official survey released on Monday. With the fresh data, together with a fall in industrial profits, and softer retail sales growth in November, "we can confirm that the economy is weakening," Iris Pang, an economist on Greater China at ING said in a note to clients. China's weakness spilled over to other Asian economies, with Malaysia's manufacturing activity in December shrinking to its weakest pace of expansion since it launched the survey in 2012. Adding to the worries, official economic data out of export-reliant Singapore showed its gross domestic product grew more slowly than forecast in the fourth quarter as its manufacturing sector contracted on a quarterly basis. The SET index gained 2.06 points or 0.13% to 1,565.94, in trade worth 31 billion baht. The index edged up, with financials and energy stocks underpinning gains. The Philippine stock market rose as strong gains in real-estate stocks offset losses in most other sectors. Driving the benchmark was heavyweight Ayala Land Inc's counter, which bounced back after falling for two consecutive weeks. Shares of property developer SM Prime Holdings Inc along with Ayala Land were among top boosts to the index, up 3.4% and 1.7%, respectively. The Malaysian benchmark index was the worst performer in the region, shedding 1.3%, with shares of Sime Darby Plantation Berhad falling 4.4%, while those of oil and gas services provider Dialog Group Berhad ending 3.5% lower. Singapore's index followed suit, tumbling nearly 1%. Shares of industrial conglomerate Jardine Matheson Holdings Ltd and lender UOL Group Ltd lost 2.4% and 1.9%, respectively. The Indonesian index also edged lower on the back of material and telecom stocks. Meanwhile, Indonesia's December annual inflation rate eased, but the pace was quicker than expected, data from the statistics bureau showed on Wednesday. "Malaysia shares lead Asean peers on window dressing" BANGKOK, December 21 -- Most Southeast Asian stock markets pared some losses but ended lower on Friday with Philippines losing most. But Malaysia bounced back as fund managers rushed to prop up their portfolio towards year end. Earlier in the session, all regions slipped as a cocktail of negative leads ranging from the prospect of a US government shutdown to US chastising China for economic espionage weighed on sentiment. Despite a marginal recovery, the sentiment remained subdued with most regions ending lower on economic worries, while Malaysia and Indonesia reversed course to notch gains. The Stock Exchange of Thailand index ended 1,595.33 at close, down 0.77 points or 0.05%, in turnover worth almost 47 billion baht. Malaysia's benchmark reversed course to end at a more than one-week high. It was the sole country in the region which notched a weekly gain, ending higher by about 0.5%. Shares of electric utilities provider Tenaga Nasional Berhad jumped 5.2% and those of palm oil producer Sime Darby Plantation Berhad tacked on nearly 10%. The gain on the index was likely due to a technical rebound following recent price weakness and also year-end "window dressing activities," said Syed Muhammed Kifni, chief strategist at MIDF. Window dressing is a strategy used by portfolio managers near the year or quarter end to improve appearance of a fund's performance before presenting it to clients, purchasing high-flying stocks and selling losing ones. He also noted that the benchmark had similarly jumped about 50 points during the last six trading days in 2017. Indonesian's benchmark also rose at close but failed to offset losses earlier in the week, notching a weekly loss that snapped three straight weeks of gains. Earlier in the day, the national carrier Garuda's chief executive officer said it expects to end 2018 in profit and is targeting a net profit of 1 trillion rupiah ($69.03 million) for 2019, sending shares up 0.9% at close. On the other hand, Philippine's index fell most, losing 0.6% during the week to snap five consecutive weeks of gains. Losses were largely underpinned by real-estate stocks, with property developer SM Prime Holdings Inc dropping 2.5% while Ayala Land Inc shed 1.8%. Vietnam's index posted its seventh straight session of loss, and second consecutive weekly loss. The index also recorded a weekly loss of 4.2%, its worst performance since the week ending Oct 26. Real-estate stocks were main laggards, with Vinhomes JSC's counter shedding 4.5% and that of Vincom Retail JSC off 2.7%. Singapore's index edged lower to post its third consecutive weekly loss. BANGKOK, December 20 -- Southeast Asian stock markets ended lower on Thursday with energy stocks put pressure on the Stock Exchange of Thailand and Indonesia falling the most. Regional stocks fell in line with broader Asian peers, after the US central bank hiked rates for the fourth time this year and stuck by its plan to keep withdrawing support from an economy it views as strong. "Against the backdrop of the trade war and weak economic data from major economies, people were hoping the Fed would extend a lifeline," said Fio Dejesus, an equity research analyst at RCBC Securities in Manila. "But their mandate was different from what the market hoped for." Recent disappointing data from the United States on slowing of job growth in November and a cooling housing market, along with weak manufacturing data from China heavily weighed on investor sentiment, sparking concerns over global growth. The SET index ended the day at 1,596.10, down 5.02 points or 0.31%, in turnover of 35 billion baht. Thailand's energy-heavy index suffered an additional blow after oil prices resumed their fall on Thursday amid worries of a supply glut and gloomy outlook for demand. Shares of oil and gas explorers PTT Plc and PTT Exploration and Production Plc shedding 0.5 % and 1.7%, respectively. The Indonesian index finished lower and was the worst performer in the region, with financial stocks coming under pressure. Shares of Bank Central Asia Tbk and Bank Mandiri (Persero) Tbk were among top losers, falling 2.2% and 1.7%, respectively. Singapore's index gave up modest gains early in the session to end lower, with shares of port operator Hutchison Port Holdings Trust losing 1.9% while those of agribusiness operator Wilmar International Ltd ending 1% lower. The Malaysian index edged lower with Sime Darby Plantation Berhad's counter closing 1.4% down, while that of IHH Healthcare Berhad ending 2.6% lower. Vietnam's index traded sideways through most of the session to edge down at close. The Philippine index lost most during early trade but pared losses to inch down at close. Industrial stocks were the biggest drag on the index, with shares of sector heavyweight SM Investments Corp closing 2.1% lower. |
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