SE Asia Stocks-Philippines falls; investors cautious ahead of Fed policy move
By Suhail Hassan Bhat
Sept 26 (Reuters) - Philippine shares edged down on Monday
as the country's central bank governor warned that a slump in
peso reflects investor caution ahead of the U.S. Federal
Reserve's next policy decision.
Most other regional markets were down ahead of the first
U.S. presidential debate, which will take place early on Tuesday
in Asian time zones.
The peso fell to its lowest since 2009 in heavy
trading as importers' dollar demand added to downward pressure
stemming from stock outflows.
Philippines' central bank Governor Amando Tetangco told
Reuters on Monday the peso's movements were due to the corporate
requirements for dollars and reflected uncertainty about the
Federal Reserve's policy path.
"A lot of factors. One, if you look at the region it is very
weak. If you look at overall sentiments in the equity market we
have high valuations," said Augusto Cosio, president of First
Metro Asset Management Inc in Manila.
"And there is a general risk-off sentiment."
The Philippine stock index fell 1.18 percent, pulled
down by financials and industrial staples, as SM Prime Holdings
Inc slid 2 percent, while container terminals operator
International Container Terminal Services Inc dropped
5.8 percent.
Market has experienced net foreign selling in the past
weeks, said Philippine Stock Exchange President and CEO Hans B.
Sicat, adding, "Our economic fundamentals remain strong and this
should continue to help corporate performance moving forward."
Singapore shares snapped the previous session's
winning streak. Meanwhile, the country's weaker-than-expected
manufacturing output in August rose 0.1 percent from a year
earlier, data showed on Monday.
Thai shares fell, dragged down by financials and
energy stocks, led by index heavyweights PTT Pcl and
Siam Commercial Bank.
Thailand's customs-cleared exports in August rose 6.5
percent compared with the previous year, beating analysts'
median forecast of 1.4 percent fall.
Malaysia shares dropped marginally, while Indonesian
shares pared gains from the previous session.
Bucking the trend, Vietnam climbed 0.44 percent.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on day
Market Current Previous Pct Move
Close
Singapore 2849.94 2856.95 -0.25
Bangkok 1490.14 1492.88 -0.18
Manila 7632.46 7723.6 -1.18
Jakarta 5352.139 5388.908 -0.68
Kuala Lumpur 1669.5 1670.99 -0.09
Ho Chi Minh 677.04 674.09 0.44
Change this
year
Market Current End 2015 Pct Move
Singapore 2849.94 2882.73 -1.14
Bangkok 1490.14 1288.02 15.69
Manila 7632.46 6952.08 9.79
Jakarta 5352.139 4593.008 16.53
Kuala Lumpur 1669.5 1692.51 -1.36
Ho Chi Minh 677.04 579.03 16.93
(Reporting by Suhail Bhat; Editing by Sherry Jacob-Phillips)