Indonesia slumps to 1-yr low, Philippines resumes fall

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BENGALURU (June 28): Most Southeast Asian stock markets fell on Thursday, with the Philippines giving up the previous session's solid gains and Indonesia plunging to a more than 1-year low, as simmering US-China trade tensions kept investors off risky bets.

Asian stocks slumped to nine-month lows on Thursday after Wall Street retreated overnight on renewed uncertainty regarding the US stance on Chinese investments in American technology companies.

"Given the mixed market currents, Asian bourses may remain rangebound today, as nervous investors keep an eye on the yuan, and the rising crude oil price," OCBC said on a note.

Philippine shares resumed their fall, after a 2.4% jump in the previous session on selective bargain-buying, which boosted industrials and real estate stocks.

Heavyweight SM Investments shed more than 1%, while property developer SM Prime Holdings Inc fell 2.2%. The index was set for its 10th session of losses in 13.

Philippine stocks, which have so far this year nearly erased all the gains made in 2017, are the worst performers in the region.

The peso's depreciation and a bloated current account deficit have contributed to the Philippine index's year-to-date losses ballooning to double digits in percentage terms.

Indonesian stocks plunged to their lowest since May 2017 and were on track for their third straight losing session.

Indah Kiat Pulp & Paper lost nearly 4%, while cigarette maker Gudang Garam shed 1.6%.

The Indonesian rupiah fell about 0.7% to its lowest since October 2015.

Meanwhile, Singapore stocks rose about 0.1%.

Change as at 0405 GMT

Market                  Current   Previous close  % move
Singapore               3258.1    3254.77         0.10
Bangkok                 1618.5    1618.66         -0.01
Manila                  7082.15   7176.43         -1.31
Jakarta                 5669.986  5787.552        -2.03
Kuala Lumpur            1665.44   1666.08         -0.04
Ho Chi Minh             955.88    968.91          -1.34

Change on year

Market                  Current   End 2017        % move
Singapore               3258.1    3402.92         -4.26
Bangkok                 1618.5    1753.71         -7.71
Manila                  7082.15   8558.42         -17.25
Jakarta                 5669.986  6355.654        -10.79
Kuala Lumpur            1665.44   1796.81         -7.31
Ho Chi Minh             955.88    984.24          -2.88