BENGALURU (Dec 11): Philippines shares rose on Tuesday as investors hunted for bargains following four consecutive sessions of decline, while a sell-off continued in most other Southeast Asian stock markets on growing fears around global growth.
Philippine shares added 1.4%, posting their biggest intraday gain in one week, mostly supported by gains in the industrials and real estate sectors.
"The Philippine market has been relatively weaker than other regional markets. What we see today is a rebound after the declines in the last three to four days," said Charles William Ang, an associate analyst at COL Financial Group.
Investors will be looking out for Philippine central bank's monetary policy meeting scheduled for Thursday, where the apex bank is widely expected to keep interest rates steady, with inflation seen easing further after it slowed to a four-month low in November, a Reuters poll showed.
Meanwhile, S&P Global Ratings said it continued to see downside risks to Asia-Pacific growth forecasts. The global growth drivers that produced the regional upturn have started to fade, S&P said and lowered forecasts for almost every country in the Asia-Pacific.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.7% and was hovering near a three-week trough.
The index skid more than 16% this year on worries about corporate earnings and factory output, with the trade battle between the United States and China, clouding the outlook for world growth as well as uncertainty stemming from the United Kingdom's exit from the European Union.
Thai shares slipped to lowest in more than 2 weeks, hurt by industrials and energy stocks, with PTT Exploration and Production PCL shedding 2.2%.
Malaysia's benchmark index posted its sixth straight session of declines and was near its two-year low. Lenders Malayan Banking Bhd and Public Bank Bhd dipped to their lowest since mid-November.
Singapore shares dropped 0.4% with index-heavyweight Jardine Strategic Holdings losing 2.8%, while lender DBS Group Holdings fell to more a than two-week low.
Indonesian shares fell 0.5% as losses in the consumer staples and materials sectors weighed in.
SOUTHEAST ASIAN STOCK MARKETS
Change on day
|Market||Current||Previous close||% move|
|Ho Chi Minh||954.58||955.89||-0.14|
Change on year
|Market||Current||End 2017||% move|
|Ho Chi Minh||954.58||984.24||-3.01|