CORRECTED-SE Asia Stocks-Most markets edge lower ahead of holiday trade
(Corrects paragraph 7 to clarify that Phoenix Petroleum Philippines is not a PSI index heavyweight) * Singapore bourse sees worst session in 9 days * Indonesian stocks fall ahead of cenbank meeting * Vietnam index sole gainer in the region By Shruti Sonal Dec 19 (Reuters) - Most Southeast Asian stock markets edged lower on Thursday, with the Philippine index leading losses, as investors booked profits ahead of holiday season and as a lack of clarity over the interim Sino-U.S. deal and prospects of a hard Brexit weighed. The "phase-one" trade agreement announced last week suspended a threatened round of U.S. tariffs on a $160 billion list of Chinese imports. However, a dearth of clarity over the deal hampered investor optimism. "In any case, the markets have overbought following the recent U.S.-China trade news flow and it's not surprising to see some profit-taking at the end of the year," Liu Jinshu, director of research at Tayrona Financial said. Leading losses in the region, the Philippine index reversed course to drop 0.9%, dented by financials. Domestic lenders have been pressured by media reports https://www.cnnphilippines.com/business/2019/12/17/BSP-Westpac-money-laundering.html?fbclid=IwAR3hA1_fJ07J83QDTDJWRrN1KftRKU53JPceI5gaLsZUkgHJ6FpX7ju8qaA%3Ffbclid suggesting that the Philippine central bank will probe about 10 banks for ties with Australia's scandal-hit Westpac Banking Corp . BDO Unibank Inc shed over 4.4% to hit its lowest since Nov. 27, while the Bank of the Philippine Islands extended losses for a fourth straight session. Phoenix Petroleum Philippines Inc, which is not a constituent of the main board, saw its worst session since Sept. 9, after the company put on hold its plans for a $2 billion Tanglawan LNG hub venture in Philippines with CNOOC Gas and Power of China. Indonesian stocks dropped, with most of the losses concentrated in financials, ahead of central bank policy meeting. Bank Indonesia is likely to keep rates unchanged at its final meeting of the year, though it may resume cutting rates in 2020, a Reuters poll showed. Shares of Bank Central Asia Tbk Pt dropped 1.9%, while Bank Mega Tbk Pt fell 5.9%. Trade-sensitive Singapore bourse marked its worst session in nine days, with information technology and telecom sectors being the biggest drags in the index. The foggy details on the U.S.-China arrangements regarding Huawei have hurt sentiment in Singapore's export-reliant electronics sector, Vishnu Varathan, senior economist, Mizuho Bank said. Index heavyweights Singapore Telecommunications and electronics firm Venture Corp fell nearly 2% each. Bucking the sombre mood, the Vietnam index was the sole gainer in the region, with financials and real estate sectors propping the index 0.5% higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS As at 0420 GMT Market Current Previous close Pct Move Singapore 3202 3209.54 -0.23 Bangkok 1557.08 1563.74 -0.43 Manila 7663.12 7733.67 -0.91 Jakarta 6259.06 6287.25 -0.45 Kuala Lumpur 1594.61 1599.11 -0.28 Ho Chi Minh 953.31 951.13 0.23 Change so far in 2019 Market Current End 2018 Pct Move Singapore 3202 3068.76 4.34 Bangkok 1557.08 1563.88 -0.43 Manila 7663.12 7,466.02 2.64 Jakarta 6259.06 6,194.50 1.04 Kuala Lumpur 1594.61 1690.58 -5.68 Ho Chi Minh 953.31 892.54 6.81 (Reporting by Shruti Sonal in Bengaluru; Editing by Sherry Jacob-Phillips)
