Southeast Asian stocks mixed; Philippines jumps

Published: January 04, 2019 12:59:43 | Updated: January 08, 2019 11:30:17


File Photo (Collected)

Risk appetite across Southeast Asia was mixed on Friday, while Philippine shares surged as the country's inflation cooled in December, but bargain-hunters snapped up cheapened Singaporean stocks.

Sentiment in broader Asia remained gloomy after disappointing US factory output data from and Apple Inc's shock forecast cut.

Slower increases in prices of food and transport drove annual inflation in Philippines to a seven-month low in December, helping Philippine stocks surge as much as 1.48 per cent to a near-four month high.

The index has risen 4.3 per cent this week and is on course to clock its best weekly performance in almost two years. Industrial conglomerate JG Summit led gains with a 4.0 per cent advance.

Following a nearly 2.0 per cent decline in the previous two sessions, Singapore's benchmark index bounced back with a 0.87 per cent jump on Friday.

Singapore's index has lost nearly 7.0 per cent over the last six months.

Meanwhile, Indonesian stocks reversed early losses to edge higher as energy and consumer durables stocks lent support.

Vietnamese shares fell 0.69 per cent as declines in real-estate and financial stocks weighed. Dream House Investment Corp was the top decliner.

The Vietnamese index is headed for a weekly drop of about 3.0 per cent, marking its fourth successive week in the red.

Thai stocks are also poised for a four-week losing streak as financials weighed on the index on Friday.   

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