Most Southeast Asian stock markets fell on Monday, with stocks in the Philippines suffering the worst drop in nearly five weeks as Friday's attacks in Paris further fuelled foreign selloffs in emerging markets. The Philippines' key stock index dropped 1.8 percent, the worst single-day fall since October 13. Twenty eight out of 30 stocks measured by the index ended down on the day, led by Globe Telecom Inc and Energy Development Corp.
"It's a combination of the recently announced earnings results, valuation concerns and recent events," said Manila-based Jason Bibit of Regina Capital. "We also have speculation over the timing of the Fed's rate hike weighing on emerging markets. The PSEi is more prone to wilder swings since it has been more expensive than its peers in the last couple of years," he said.
The Philppines' bourse said foreign investors sold shares for a fifth day worth 731.74 million pesos ($15.53 million), taking their net selling so far this year to 51.94 billion pesos ($1.10 billion). Malaysia and Indonesia also posted a net outflow worth 219 million ringgit ($49.99 million) and 425.84 billion rupiah ($31.03 million), respectively, stock exchange and Thomson Reuters data showed. Singapore's index extended its slides for a seventh day to the lowest close since October 6. Vietnam's index eased 0.3 percent after two days of gains. Bucking the trend, Thai SET index recovered after an early fall and finished up 0.5 percent, with domestic funds seen buying shares, brokers said.
Comments
Comments are closed.