Southeast Asian stocks: Philippines snaps nine-day losing streak

Philippine shares snapped a nine-day losing streak on Friday while Indonesia rose as energy stocks gained, with investors in other markets keeping to the sidelines on uncertainty over the outcome of the US presidential elections next week. Investors have generally seen Hillary Clinton as the candidate who would maintain the status quo, while there is more market uncertainty over what a Donald Trump presidency might mean in terms of economic policy, free trade and geopolitics.
The Philippine index ended 0.9 percent higher, led by utilities and consumer cyclicals, with infrastructure group Aboitiz Equity Ventures Inc gaining 3.1 percent and conglomerate SM Investments Corp ending firmer by 0.6 percent. The index however fell 2.4 percent on the week, its second straight weekly loss. "Investors are bargain hunting after the index declined for nine sessions. I think we are just recovering from an oversold condition," said Ralph Christian Bodollo, an equity research analyst with RCBC Securities Inc.
Singapore shares ended lower for the sixth straight session, weighed down by telcos and industrials, with Starhub Ltd closing down 2.5 percent. The index lost 1 percent this week. Thai shares fell, dragged down by industrials and consumer staples. The index lost 0.6 percent this week. Indonesian stocks ended 0.6 percent higher, led by basic materials and energy, with Adaro Energy Tbk PT closing up 1.8 percent after the country raised its official crude price. The index lost 0.9 percent this week. The Malaysian index closed marginally higher, but is down 1.3 percent this week. Vietnam, which ended marginally lower, has fallen 2.3 percent this week.