Most Southeast Asian stocks eased on Tuesday, with the Philippines ending at its lowest in more than a week amid concerns over the impact of a typhoon on inflation while Thai shares retreated, wary of political uncertainty and the economic outlook. The Philippine key index fell 1.2 percent to 6,267.85, the lowest close since November 11, led down by Energy Development Corp, which fell 11.6 percent, the biggest percentage loser on the benchmark.
The Philippine central bank raised its inflation forecasts for this year and next as typhoon-related supply disruptions could send consumer prices higher in November and December. The Thai index fell 0.8 percent to a near one-week closing low of 1,412.44, after three sessions of gains. Shares of carrier Thai Airways International and telecoms firm Advanced Info Service led the decliners.
Investors cut risk holdings ahead of a court ruling on Thailand's charter amendment on Wednesday and as the Senate continued a debate on the government's proposed 2-trillion-baht ($63.34 billion) infrastructure loan bill. Stocks in Indonesia edged up 0.1 percent, recouping earlier losses while both Singapore and Vietnam ended weaker as global shares edged back from near six-year highs amid concerns the latest rally may have been overdone. Bucking the trend, Malaysia's key index climbed 0.8 percent to the highest close in more than two weeks, extending its gain for a fourth session following the release last week of upbeat economic data for the third quarter.
Comments
Comments are closed.