Stocks in the Philippines and Indonesia eked out small gains on Thursday helped by selective buying in large caps such as Globe Telecoms but the region saw more outflows as investors in Asia flocked to safe haven assets due to rising global risks. Foreign investors sold shares in the Philippines, Indonesia, Malaysia and Thailand, data showed, amid weak regional sentiment spooked by a Russian troop build-up on the border with Ukraine and tit-for-tat economic sanctions between the West and Moscow.
Philippine-listed Globe Telecoms jumped 3.6 percent to a record close, adding on Wednesday's rise after its strong earnings for the first half. Shares of Indonesia's Bank Rakyat Indonesia were among the few bright spots in Jakarta. Malaysia's outflows on Thursday were valued at 145 million ringgit ($45.22 million), ahead of Thailand's 1.03 billion baht ($31.94 million), Indonesia's 237.7 billion rupiah (20.16 million) and the Philippine's 168.9 million peso ($3.84 million).
Foreign money has shifted into bonds, with foreign ownership in Indonesian government bonds reaching a record high this week amid an increasing flow of global funds to emerging markets. Thailand saw foreign inflows into long term corporate and government bonds in the first four days of August, the Thai Bond Market Association's data showed. In July, the inflows of short- and long-term bonds were worth a net 108 billion baht ($3.35 billion), the biggest monthly inflows this year, it said.
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