"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%.
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