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6 years ago

Philippines shares drop to six-month low

File Photo (Collected)
File Photo (Collected)

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Southeast Asian stock markets mostly rose recovered on Wednesday ahead of the US Federal Reserve's rate decision and outlook, while the Philippines shares extended its losses to six months.

Singapore shares inched 0.2 per cent higher, led by financials. United Overseas Bank Ltd contributed the most to the benchmark, rising 1.2 per cent.

Indonesian shares gained 0.6 per cent, helped by consumer staples and materials, and was on track to break a six-session losing streak.

The index of the country's 45 most liquid stocks also firmed 0.6 per cent, reports Reuters.

Malaysian shares gained 0.3 per cent, as financials and consumer staples rose. DiGi.Com Bhd gained as much as 2.4 per cent.

Vietnam shares rose 0.8 per cent and were on track for an eighth straight winning session on strength in real estate stocks and financials.

Philippine shares were the region's only losers, retreating 1.0 per cent. Financials and industrials weighed the most on the benchmark, which fell below the 8,000 mark.

BDO Unibank Inc fell as much as 4.4 per cent, the steepest intraday percentage drop since September 2016.

The Philippine central bank's reticence to raise rates puts the country at a significant disadvantage if the peso weakens after a potential rate raise by the Fed, analysts say.

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