Reuters | Jun 05, 2020 12:40
* Philippines snaps 7-day winning streak
* Losses in financials drag Indonesian index
* Singapore, Thailand set to gain for fifth day
By Arundhati Dutta
June 5 (Reuters) - Philippine stocks plunged over 3% in
early trade on Friday as investors locked in profits after seven
straight sessions of sharp gains, with most other Southeast
Asian markets slipping into the red after a bumper week of
Singapore and Malaysia were still on course for their best
week since a little over a decade, while Philippine stocks were
set to rack up their biggest weekly gain since March this year
as optimism both regionally and globally about the reopening of
coronavirus-hit economies coursed through markets.
Governments across the region have also been taking steps to
counter the impact of the crisis.
Ruben Carlo Asuncion, chief economist, UnionBank of the
Philippines, said the pull back was driven by investors booking
profits on the back of a halt in gains for the world's major
stock markets on Thursday.
Leading the fall, Philippine shares .PSI lost as much as
3.3%, with blue chip conglomerates SM Investments Corp SM.PS
and Ayala Land Inc ALI.PS sliding nearly 5%, each.
The Indonesian benchmark .JKSE shed as much as 1.3%, with
financials accounting for most of the losses. PT Bank Central
Asia Tbk BBCA.JK slipped up to 3.5%.
Malaysian shares .KLSE edged lower, while Vietnamese
equities .VNI were subdued.
On the upside, Singaporean stocks .STI , up for a fifth
day, rose as much as 0.7%, lifted by gains in heavyweights such
as Jardine Matheson Holdings Ltd JARD.SI and United Overseas
Bank Ltd UOBH.SI .
Thai shares .SETI were slightly higher and extended gains
to a fifth session, helped by communication services and
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS AS AT 0343 GMT
Change on the
Market Current Previous Pct Move
Singapore 2722.17 2707.2 0.55
Bangkok 1414.61 1411.01 0.26
Manila 6418.89 6517.49 -1.51
Jakarta 4897.899 4916.704 -0.38
Kuala Lumpur 1558.47 1561.84 -0.22
Ho Chi Minh 883.24 883.9 -0.07
Change so far
Market Current End 2019 Pct Move
Singapore 2722.17 3222.83 -15.53
Bangkok 1414.61 1579.84 -10.46
Manila 6418.89 7,815.26 -17.87
Jakarta 4897.899 6,299.54 -22.25
Kuala Lumpur 1558.47 1588.76 -1.91
Ho Chi Minh 883.24 960.99 -8.09
Written By: Reuters
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