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
The Philippine index was dragged down by consumer
cyclicals with conglomerate SM Investment Corp falling 6
"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
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
"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.
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SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous Pct Move
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)