Philippine stocks edged 0.3 per cent lower, with industrial stocks accounting for majority of the losses, as SM Investments Corp slumped 2.8 per cent, and food processor JG Summit HoldingS dropped 1.2 per cent. — Reuters picBENGALURU, Nov 8 — Most Southeast Asian stock markets were muted today, with Indonesia slipping from a record close, as investors took a breather in the absence of market-moving data.
However, Vietnam stocks firmed to hit a fresh near decade high, while Singapore held on to two-year highs. Global equities were largely muted as concerns of a delay in US tax reform proposal and apprehension over Saudi Arabia’s rising tensions with Iran soured investor sentiment.
“Markets seem unsure which way to go next — equity markets are largely becalmed...,” ING analysts said in a note. Indonesian stocks slumped 0.3 per cent from a record close, dragged by the telecommunications sector, with Perusahaan Perseroan (Persero) PT Telekomunikasi Indonesia Tbk, down 1.7 per cent. Singapore index was largely flat, with real estate giant CapitaLand Ltd down 1.1 per cent and Keppel Corp Ltd giving up 0.9 per cent.
Philippine stocks edged 0.3 per cent lower, with industrial stocks accounting for majority of the losses, as SM Investments Corp slumped 2.8 per cent, and food processor JG Summit HoldingS dropped 1.2 per cent. Real estate stock Ayala Land was the biggest drag on the index, declining 2 per cent.
Manila-based RCBC Securities analyst Fio De Jesus attributed the stock’s move to profit-taking after it rose 1.3 per cent in its previous session on strong nine-month earnings. Thai shares pared early gains in the session to trade down 0.1 per cent ahead of the Bank of Thailand’s rate decision due later in the day.
The central bank is expected to leave its benchmark interest rate near record lows again, with the current level seen supporting the country’s economic recovery while inflation stays benign. Vietnam shares gained 0.9 per cent, with real estate developer Vingroup Joint Stock Company climbing 4.7 per cent to an all-time peak. — Reuters