Business News

Published: Tuesday August 27, 2013 MYT 1:59:00 PM
Updated: Tuesday August 27, 2013 MYT 2:03:48 PM

Philippines drops 4.4%, Indonesia at 1-year low

BANGKOK: Philippine stocks slumped on Tuesday amid broad-based selling in large caps while other
Southeast Asian stocks slid to new lows as worries over a possible U.S. military action against Syria spurred further selling.

    The Philippine main index was down 4.4 percent at 5,893.04 at midday, the lowest since June 26, with the top percentage losers including Ayala Land, SM Investment Corp and BDO Unibank.

    The selling reflected the weakness in regional peers on Monday when the Philippine market was shut for a public holiday, uncertainty over when the U.S. Federal Reserve would taper its monetary stimulus and weak economic data making the region vulnerable to capital outflows.

    “It’s still the same concerns about the upcoming possible tapering of the Fed and then regionally we’re seeing weakness from our Asian neighbours,” said April Lee-Tan, research head at COL Financial in Manila.

    “The GDP data on Thursday I think is very important in the sense that it may prove that we are resilient,” she said.
    
A Reuters poll showed the Philippine economy probably posted its slowest quarterly growth rate in nearly two years in April-June due to weaker exports. 

    Among underperformers, Jakarta’s Composite Index slipped 3 percent to a new one-year low, extending Monday’s 1.2 percent loss as investors weighed in the potential impact of recent government measures on growth. 

    The Thai SET index was down 1.7 percent, a fresh nine-month low, while Malaysia’s main index hovered around the lowest level in almost four months, falling 1 percent.

    Singapore’s Straits Times Index traded down 1 percent, extending its eight straight sessions of losses while Vietnam eased 0.6 percent, reversing a 0.8 percent gain on Monday.

    Asian stocks slipped on Tuesday, with the MSCI’s broadest index of Asia-Pacific shares outside Japan down 0.9 percent by 0458 GMT, after the United States signalled possible military action against the Syrian government over a suspected chemical weapons attack. - Reuters

Tags / Keywords: Business News, Investing

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