Philippines gains on technical rebound; Indonesia down

-A +A

(Feb 16): Philippine shares on Thursday recouped previous session's losses to end higher as industrials and financials rallied, while Indonesia closed lower after the much-watched first round election for Jakarta governor produced no clear outcome.

Unofficial sample vote counts pointed to a second round between the incumbent Basuki Tjahaja Purnama and Anies Baswedan, a former education minister, after neither appeared to win a majority in Wednesday's election.

The General Elections Commission is expected to announce official results in around two weeks, and the earliest a second round will be held is April.

The Jakarta SE Composite index ended the session 0.1% lower, dragged down mainly by financial stocks.

PT Bank Mandiri Tbk fell 2% to close at its lowest level in nearly two weeks. The biggest Indonesian bank by assets reported a 32% drop in its 2016 net profit on Tuesday. Trading volumes were nearly thrice the 30-day average.

Bank Negara Indonesia (Persero) Tbk PT fell 1.6% in heavy trade.

Philippine shares closed 1.5% higher. The index had fallen significantly in the last two trading sessions.

"We are the outlier in the region, but again it's a technical rebound," said Victor Felix, equity analyst at AB Capital Securities.

"There is a lack of catalysts right now ... starting end of this month or beginning of next month we should see a downtrend coming up to the (US Federal Reserve) meeting."

Conglomerate SM Investments Corp gained 2.9%, while JG Summit Holdings Inc rose 3.8% to its highest close since Jan 30.

Singapore index extended gains to close 0.3% higher, boosted by financials and industrials.

Top lender DBS Group Holdings Ltd gained 1.7% despite posting its lowest quarterly profit in two years.

Thai Beverage PCL extended gains to rise 2.1% to its highest close in three months.

Vietnam stocks snapped four sessions of gains to close 0.3% lower, off from the nine-year high hit earlier in the session.

Banks, which led the previous session's rally, were the biggest drags on the index. Vietcombank fell 1% to its lowest close in more than three weeks.   

SOUTHEAST ASIAN STOCK MARKETS
Change on the day

Market             Current        Prev close    % move
Singapore          3096.69        3088.48       0.27
Bangkok            1576.05        1573.37       0.17
Manila             7283.25        7174.3        1.52
Jakarta            5377.998       5380.67       -0.05
Kuala Lumpur       1707.59        1709.79       -0.13
Ho Chi Minh        709.35         711.57        -0.31

Change this year

Market             Current        End 2016      % move
Singapore          3096.69        2880.76       7.50
Bangkok            1576.05        1542.94       2.15
Manila             7283.25        6840.64       6.47
Jakarta            5377.998       5296.711      1.53
Kuala Lumpur       1707.59        1641.73       4.01
Ho Chi Minh        709.35         664.87        6.69