JAKARTA: The Philippine stock index posted its biggest single-day decline in two months ahead of elections in the country, while disappointing corporate earnings continued to hurt sentiment in Indonesia.
The Philippine index fell 1.47 percent to close at its lowest since March 10. The index posted its biggest one-day
loss since Feb. 29, ahead of the May 9 election, as a lack of clarity about presidential front-runner Rodrigo Duterte’s economic policy caused market jitters.
“He has not been very specific on his economic policy, that’s why there have been market jitters. He appeared before a business group last week and it was not received favourably,” Luz Lorenzo, an analyst with Maybank Kim Eng in Manila said.
Indonesia’s stock index fell 0.6 percent on lingering disappointment over first-quarter results.
Copyright Reuters, 2016
Courtesy : BRecorder