Southeast Asia Stocks: most fall in line with Asia; Philippines drops 1.5 percent

Most Southeast Asian stock markets fell in line with Asian peers on Friday, tracking weakness on Wall Street over concerns about potential roadblocks to US tax reform. Congressional Republicans reached a deal on final tax legislation, but the conservative party faces opposition from within as some Senators remained unsettled about their support for the bill.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 percent. Philippine shares were the biggest losers in Southeast Asia with a drop of 1.5 percent, their biggest since November 3, but finished the week higher for a second time in a row. Property developer SM Prime Holdings was the biggest drag, sliding 4.8 percent in its biggest daily drop in nearly a year. Singapore shares fell for a second straight session, closing at their lowest since December 7, and finished the week 0.2 percent softer.
Financials accounted for most of the decline, with lenders DBS Group and United Overseas Bank Ltd shedding 1.6 percent and 1.4 percent, respectively. Real estate stocks also added to the drop, with data showing sale of private homes by developers in Singapore fell 8.7 percent in November from a year earlier. Malaysian shares settled 0.3 percent lower, dragged by consumer discretionary and consumer staples stocks, but ended the week 1.9 percent higher, their best since January.
Conglomerate Genting Bhd was the top loser on Friday, declining 2.8 percent. Thai shares recovered to settle 0.2 percent firmer in some last-minute buying, and posted their third straight weekly gain.