SE Asia Stocks-Singapore stocks fall on tech selloff; Philippines looks up
* Singapore index down, but posts 4th week of gains
* Philippine shares extend weekly losses for 8th week in 9
* Vietnam shares up over 2 pct
By Nikhil Nainan
April 20 (Reuters) - Singapore stocks ended lower on Friday
tracking a broader selloff in technology stocks across Asia,
while Philippine shares ended higher after heavy losses through
the week.
MSCI's broadest index of Asia-Pacific shares outside Japan
slumped 1.2 percent after the world's largest
contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd
, forecast softer demand for smartphones.
Singapore shares took a hit after shares of tech
service provider Venture Corp Ltd plunged over 12
percent to their lowest in eight weeks.
Comments from TSMC and weaker-than-expected results from
cigarette giant Philip Morris International Inc weighed
on Venture, said Joel Ng, a research analyst at KGI Securities
in Singapore.
"Philip Morris is a key client, Venture makes e-cigarettes
for Philip Morris," he added
Despite Friday's losses, the index posted a fourth
consecutive week of gains.
Indonesian shares edged down 0.3 percent, as
consumer staple stocks weighed on the index.
On Thursday, Indonesia's central bank kept its key interest
rate unchanged, tying the decision to a need to maintain
stability.
Malaysian stocks slipped 0.4 percent, following a
record closing high in the previous session.
DiGi.Com Bhd and Genting Bhd weighed on
the index, falling 2.6 percent and 2.1 percent, respectively.
Meanwhile, Vietnamese shares ended up 2.3 percent,
but closed 3.2 percent lower for the week.
Index heavyweights led the gains, with Joint Stock
Commercial Bank for Foreign Trade of Viet Nam and
Petrovietnam Gas Joint Stock Corp soaring 4.9 percent
and 3.6 percent respectively.
Philippine shares edged up on Friday, ending yet
another rough week, and posting an eighth weekly loss in nine.
"One of the things we can definitely say is that the market
has been very volatile lately. So this (today's gain) is just a
manifestation of that volatility," said April Lee-Tan, head of
research at COL Financial.
Despite worries over rising inflation, which fuelled heavy
foreign selling on Thursday, Philippine Central Bank Governor
Nestor Espenilla said the monetary authority is satisfied with
its current policy actions.
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SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3573.38 3598.73 -0.70
Bangkok 1801.28 1794.94 0.35
Manila 7726.72 7682.24 0.58
Jakarta 6337.695 6355.901 -0.29
Kuala Lumpur 1887.75 1895.18 -0.39
Ho Chi Minh 1119.86 1094.63 2.30
Change on year
Market Current End 2017 Pct Move
Singapore 3573.38 3402.92 5.01
Bangkok 1801.28 1753.71 2.71
Manila 7726.72 8558.42 -9.72
Jakarta 6337.695 6355.654 -0.28
Kuala Lumpur 1887.75 1796.81 5.06
Ho Chi Minh 1119.86 984.24 13.78
(Reporting by Nikhil Kurian Nainan; Editing by Sunil Nair)