Philippine shares fell 1.6 percent on Monday, hurt by financial and industrial stocks, as foreigners continued to dump domestic shares for safer havens. Other Southeast Asian stock markets were choppy and ended mixed as uncertainty from the euro zone following Italian Prime Minister Matteo Renzi's resignation in the wake of a heavy defeat on constitutional referendum kept investors on the sidelines.
"Philippine market is weak on heavy foreign selling today - we're already on our first month of net foreign selling. On a year-to-date basis we're on a net sell of about 15 billion pesos ($301.9 million)," said Lexter Azurin, assistant vice president and head of equities research at Unicapital Securities Inc in Manila. There is also uncertainty caused by political concerns following the resignation of Philippines Vice President Leni Robredo, Azurin said.
Robredo resigned on Sunday due to "major differences" with President Rodrigo Duterte and suspicions that a plot was underway to unseat her from the number two job. Property firm SM Investments Corp lost 3.9 percent, while financial major Ayala Corp slumped 4 percent. Singapore shares closed 0.8 percent higher, hitting an over four-month high. Gains came from the real-estate sector, which saw Global Logistic Properties, Monday's best index performer, gaining 5.6 percent.
Indonesia shares rose as much as 0.7 percent to a four week high, and ended the day up for a fifth straight session. Gainers were led by energy shares, which rose on weaker oil prices since Indonesia imports oil. Malaysia gained traction in midday trading to end 0.2 percent weaker, while Vietnam slipped 0.7 percent. Thailand was closed for the late King Bhumibol Adulyadej's birthday.
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