* Philippines falls to lowest level since Oct. 9
* Indonesia pares some gains after disappointing trade data
* Thai stocks see worst session since Oct. 25
By Shruti Sonal
Dec 16 (Reuters) - Philippine shares fell over 2% on Monday
to their lowest since Oct. 9 as weakness in water utilities hit
sentiment, while Thailand stocks were dragged lower by
industrials.
Most other markets in the region fell as investors sought
further clarity of the "phase one" deal between Washington and
Beijing.
Last week, the Philippines' water regulator cancelled the
extension of concession deals with the country's two largest
utilities Manila Water Co Inc MWC.PS and Maynilad Water
Services after pressure from President Rodrigo Duterte.
Metro Pacific Investments Corp MPI.PS on Monday clarified
that the shortened concession term prevents its unit Maynilad
Water Services from starting new projects. The news about the water concession extension has weighed on
water utility companies and dragged risk sentiment in
Philippines, said Charlene Erieka Reyes, officer in-charge of
trading and research at First Resources Management and
Securities Corp.
Ayala Corp AC.PS , the biggest shareholder in Manila Water
Company, slumped to its lowest since January 2017.
Reyes also said investors were moving out of the Philippine
market which is reflected in the high net foreign selling.
Meanwhile, most other markets in the region were cautious,
with analysts terming the details of the interim deal to be not
"very compelling".
The agreement announced last week suspended U.S. tariffs on
a $160 billion list of Chinese imports that was scheduled to
take effect on Sunday. Washington also agreed to halve the
tariff rate, to 7.5%, on $120 billion worth of Chinese goods.
Denting sentiment further, data showed China's new home
prices grew at their weakest pace in nearly two years in
November, while property investment also eased.
The Thai index .SETI shed over 1%, weighed by industrials
and utility stocks.
The country's central bank is set to meet on Wednesday where
it will likely downgrade the country's growth outlook again
while holding benchmark interest rate, a Reuters poll showed.
Shares of Gulf Energy Development PCL GULF.BK and Airports
of Thailand PCL AOT.BK dropped 5% and 1.7%, respectively.
Indonesian stocks .JKSE pared some early gains after the
country reported a trade deficit in November that was its
biggest in seven months. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Market Current Previous close Pct Move
Singapore 3206.09 3214.05 -0.25
Bangkok 1549.74 1573.91 -1.54
Manila 7701.6 7877.63 -2.23
Jakarta 6211.592 6197.318 0.23
Kuala Lumpur 1569.35 1571.16 -0.12
Ho Chi Minh 961.47 966.18 -0.49
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3206.09 3068.76 4.48
Bangkok 1549.74 1563.88 -0.90
Manila 7701.6 7,466.02 3.16
Jakarta 6211.592 6,194.50 0.28
Kuala Lumpur 1569.35 1690.58 -7.17
Ho Chi Minh 961.47 892.54 7.72