SE Asia Stocks-Higher on oil price rally; Philippines sharply down

Source : REUTERS
Last Updated: Tue, Nov 22, 2016 16:00 hrs

By Sindhu Chandrasekaran Nov 22 (Reuters) - Philippine stocks fell sharply on Tuesday, while other markets in the region ended higher as an overnight surge in global oil prices lifted sentiment. "Currently Philippine market is the most expensive in the region, investors are having a hard time to justify the current levels...we are seeing continued net foreign selling," said Lexter Azurin, an analyst with Unicapital Securities in Manila. "This is already the fourth consecutive month of net foreign selling." The Philippine index was dragged down by consumer cyclicals with conglomerate SM Investment Corp falling 6 percent. "The market has already fully digested the Q3 corporate earnings and GDP data. So, investors right now are in more of a wait-and-see mood," said Victor Felix, equity analyst at Manila-based AB Capital Securities. Singapore's FTSE Straits Times Index ended 0.2 percent higher, with offshore oil-rig builder Keppel Corporation gaining 1.1 percent. Singapore's consumer price index data, due on Wednesday, is expected to be flat in October from a year earlier, a Reuters poll showed. Thailand extended gains for a third session, helped by technology and healthcare shares. Vietnam closed 1.1 percent higher, with consumer cyclicals and energy gaining the most. Refiner Petrovietnam Gas ended 2.1 percent higher. Oil extended gains on Tuesday, bolstered by growing conviction that major oil producing countries would agree next week to limit output. OPEC members are due to agree on a world oil freeze pact at a meeting in Vienna. The jump in oil prices is an indication of improvement in the world economy, which has boosted sentiment in regional markets, said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc. "At next week's OPEC meeting, we might see a happy ending for the year, at least in terms of the oil market," said Victor Felix, equity analyst at Manila-based AB Capital Securities. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market Current Previous Pct Move close Singapore 2822.2 2816.67 0.20 Bangkok 1485.68 1478.3 0.50 Manila 6802.73 6979.06 -2.53 Jakarta 5204.674 5148.319 1.09 Kuala Lumpur 1629.32 1627.28 0.13 Ho Chi Minh 681.91 674.29 1.13 Change on year Market Current End 2015 Pct Move Singapore 2822.2 2882.73 -2.10 Bangkok 1485.68 1288.02 15.35 Manila 6802.73 6952.08 -2.15 Jakarta 5204.674 4593.008 13.32 Kuala Lumpur 1629.32 1692.51 -3.73 Ho Chi Minh 681.91 579.03 17.77 (Reporting by Sindhu Chandrasekaran; Editing by Sunil Nair)



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