Philippines worst hit as real estate, financials drag

21-Feb-2019 Intellasia | BRecorder | 6:00 AM Print This Post

Philippine stocks fell the most on Tuesday dragged by losses in the real estate and financial stocks, as most of the Southeast Asian equity markets ended lower, while Malaysia gained as investors took positions amid the earnings season.

The Philippine index dropped about 1 percent to its lowest level since January 8, dragged by losses in real estate and financial stocks.

“The Philippine market right now is in search of a new

catalyst and with none in sight, some investors are already choosing to take profit,” said Rachelle Cruz, an analyst with AP Securities.

BDO Unibank Inc shed 3.2 percent, while Ayala Land Inc dropped 3.7 percent to close at its lowest level since January 3.

“Ayala Corp has $293 million worth of bonds that are exchangeable to shares of ALI and that will mature by that time (in May).

Some investors may look to cash in, exerting a downward pressure on ALI’s share price,” a note from RCBC securities said.

Meanwhile, the Malaysian index gained 0.8 percent to a three-month closing high on the back of materials and utilities. Petronas Chemicals Group Bhd rose 3.9 percent ahead of its fourth quarter result announcement.

Shares of Kuala Lumpur Kepong Bhd strengthened more than one percent, after posting a jump in quarterly net profit.

Real estate stocks drove the Vietnam index marginally higher, with Vinhomes JSC and Vingroup JSC rising 6.1 percent and 2 percent, respectively.

Singapore and Indonesia indexes traded relatively lower, while the Thai market was closed for a holiday.


Category: Philippines

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