SE Asia Stocks-s’pore, Thai shares fall; Philippines extends gains

REUTERS: Singapore and Thai shares fell on Tuesday, in line with Asian peers, after Wall Street took a hit on Monday from a sell-off in U.S. technology shares.

U.S. stocks plunged on Monday as investors dumped internet and other technology shares, further shaking confidence in a group of stocks that has propelled the long bull market.

Singapore shares fell 1.2 percent, with financials dragging down the city-state’s benchmark index. Oversea-chinese Banking Corp shed as much as 2.5 percent, while rival United Overseas Bank Ltd slipped 1.7 percent.

Thai shares were the top losers in the region, closing 1.5 percent lower, dragged by losses in financial and energy sectors.

Siam Commercial Bank PCL lost 2.6 percent, while Kasikornbank PCL dipped 2.3 percent. Meanwhile, Philippines stocks rose 0.5 percent, extending gains to a fifth consecutive session, driven by industrial and real estate stocks.

Chinese President Xi Jinping is on a visit to the country, aiming to advance strategic gains made under a Manila leadership that has favoured Beijing in the hope of receiving billions of dollars of loans and investment.

Investors are optimistic about the market’s prospects, said Fio Dejesus, an equity research analyst with RCBC Securities, adding that recent losses have made Philippine stock valuations more attractive in comparison to their regional peers.

Conglomerate SM Investments Corp gained 1.3 percent for a third straight session, while Bank of the Philippine Islands climbed 2 percent, hitting a twoand-half-month closing high. Vietnam shares edged higher, pushed up by real estate and material stocks.

Markets in Malaysia and Indonesia were closed for holidays.