SINGAPORE: Most Southeast Asian stock markets closed lower on Monday, in line with broader Asia, while Thai shares climbed ahead of the central bank’s interest rate decision due later in the week.
Philippine shares closed down 0.4 percent, recovering some of the losses earlier in the session. The index had fallen as much as 1 percent, pulled down by a 23.6 percent drop in Energy Development Corp.
The renewable power producer said on Friday a tender offer for a consortium of investors to buy about a third of the company had ended.
The number of shares tendered was more than what the bidders had sought and the extra shares are being sold down, said Joseph Roxas, president of Manila-based Eagle Equities Inc.
Market heavyweight SM Investments Corp rose, reversing an early drop, and hit a record closing high.
“Philippine shares turned to profit-taking mode as the last week of September started,” said Luis Limlingan, managing director at Regina Capital.
“Some volatility may be expected this week for the Philippines, with a lot of funds wanting to “clean” their portfolios ahead of the end of 3Q17.”
The Thai index was the sole gainer in the region, closing 0.5 percent higher, lifted by a 1.5 percent spike in oil and gas refiner PTT Pcl.
Thailand’s central bank is expected to keep its benchmark interest rate unchanged near record lows on Wednesday, despite calls for a cut to contain the strength of the baht.
Meanwhile, Singapore shares ended marginally lower after data showed the city-state’s annual headline consumer price index rose at a slower-than-expected pace in August, reinforcing expectations that the central bank will keep policy unchanged at its review in October.
Real estate company CapitaLand Ltd slipped 1.1 percent to end at its lowest since July 13, while Jardine Matheson declined 0.7 percent.
Indonesian shares and the index of the country’s 45 most liquid stocks fell 0.3 percent each.
Malaysian shares shed 0.1 percent, having traded at volumes 1.5 times the 30-day average, with losses in financial stocks such as Malayan Banking Bhd and AMMB Holdings largely offsetting a 2.3 percent rise in Petronas Gas.—Reuters
