BIZ-STOCK MARKET: MANILA/BANGKOK – SET drops, Philippines slides to over 11-month low

The Stock Exchange of Thailand index ended lower after investors returned from the Songkran holidays on Tuesday. (Bangkok Post file photo)



The Stock Exchang of Thailand and Philippine indexes slumped, while other markets in Southeast Asia were cautious on Tuesday as investors weighed up a mixed bag of economic data out of China.

The SET main index was 11.64 points or 0.66% off to close at 1,755.53, in trade worth 54.73 billion baht. The biggest losers included CPL Plc, which fall 4.31% to 83.25 baht, and Siam Cement Group Plc, which dropped 1.23% to 482 baht.

Philippine shares closed 1.9% lower, marking a third consecutive session of losses.

There has been strong selling in the Philippines since late February, said Fio Dejesus, an analyst at Manila-based RCBC Securities.

Although consolidation began last month, investors still seem bearish, he said, adding the index might pick up from the 7,500 level.

The index has fallen 9.8% so far this year. Financials were among the biggest losers, with BDO Unibank Inc, SM Investments Corp and Bank of the Philippine Islands falling between 1.7% and 3.6%.

China’s economy grew 6.8% in the first quarter of 2018 from a year earlier, official data showed, unchanged from the previous quarter. But separate data showed March industrial output missed expectations and first-quarter fixed-asset investment growth slowed, tempering equity market sentiment.

MSCI’s broadest index of Asia-Pacific shares outside Japan slipped 0.5%.

In other Southeast Asian markets, Indonesian shares were little changed as losses in financials outweighed gains in energy stocks.

Bank Mandiri (Persero) Tbk PT fell 2.2%, but losses on the index were capped by a 4.4% gain in United Tractors Tbk PT.

Singapore shares closed marginally higher. Top lender Oversea-Chinese Banking Corp Ltd climbed 1% to a near-four-week high, while DBS Group Holdings Ltd closed up 0.6%, hitting its highest in nearly five weeks.

Malaysian shares clocked their eighth winning session in nine, ending up 0.1% after hitting their highest in three and a half years earlier.

Gains from lender CIMB Group Holdings Bhd and telecom company DiGi.Com Bhd kept the index afloat.

Vietnam shares closed up 0.4%.

Southeast Asian stock markets
Current Previous % change
Thailand 1,755.53 1,767.17 -0.66
Indonesia                 6,285.76 6,286.74 -0.02
Malaysia                 1,880.49 1,878.76 +0.09
Philippines 7,723.39 7,870.25 -1.87
Singapore                  3,498.20 3,497.19 +0.03
Vietnam        1,153.28 1,148.49 +0.42



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