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SE Asia Stocks-Mixed Philippine market down on foreign investor selling

SE Asia Stocks-Mixed; Philippine market down on foreign investor selling

JAKARTA: Southeast Asian stock markets ended mixed on Wednesday as gains in oil prices helped Singapore and Vietnam while the Philippine market dropped on foreign investor selling before presidential election.

The Philippine index fell 0.5 percent to its lowest close in nearly three weeks. Foreign investors sold a net 462 million pesos ($10.00 million) worth equities, Thomson Reuters data showed.

“We may continue to see net foreign selling as investors become more risk averse, coming into the elections,” SB Equities said in a note.

The Philippines’ President, Benigno Aquino, will end his term in June and four presidential candidates to succeed him are in a tight race ahead of the May elections.

Meanwhile, Singapore’s Straits Times Index gained 0.4 percent, after posting its biggest single-day percentage decline in four weeks in the previous session, as oil prices rose.

The Vietnam index rose 1.3 percent to its highest closing in more than two weeks, helped by energy stocks.

Crude oil futures jumped on Wednesday, lifted by growing expectations that exporters will agree to freeze their output amid global oversupply.

In Indonesia, stocks rose 0.2 percent as the government pledged to scrutinise taxpayers named in the data leaked from a Panamanian law firm as part of efforts to chase their offshore undeclared assets.

“We believe the government will leverage the momentum to implement its tax amnesty agenda,” KDB Daewoo Securities Indonesia wrote in a note on Wednesday.

A much-anticipated tax amnesty bill is expected to be discussed soon in the parliament, which would allow Indonesians to declare or repatriate money stashed overseas.

The Malaysian market gave up its small gain made earlier in the day to close 0.1 percent lower, while Thailand’s market was closed for a public holiday.

Copyright Reuters, 2016

Courtesy : BRecorder



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