* Axiata slumps to over four-month low
* Philippines down after 4 sessions of gains
By Shreya Mariam Job
Sept 10 (Reuters) - Malaysian stocks fell on Tuesday,
dragged by telecom giant Axiata after talks with Norway's
Telenor to create a joint venture collapsed, while most other
Southeast Asian markets edged up in anticipation of monetary
easing by major global central banks.
Malaysia .KLSE was the top loser in the region with a drop
of 0.7%. The market was closed on Monday for a holiday.
Axiata Group Bhd AXIA.KL slumped as much as 17.8% to an
over four-month low after the company and Norway's Telenor
TEL.OL ended talks to create a telecoms joint venture with
nearly 300 million customers across South Asia and Southeast
Asia. "This removes the prospect for $5 billion of potential deal
synergies," brokerage Jefferies said in a research note.
Axiata also said it was considering the monetisation of its
tower business, Edotco, through an initial public offering or
other means, looking for consolidation in countries such as
Indonesia and Bangladesh.
Shares of Telenor's Malaysian subsidiary, Digi.com Bhd
DSOM.KL , plunged as much as 12.1%, their biggest intraday drop
in nearly nine years.
Philippine stocks .PSI traded lower after four straight
sessions of gains, following poor trade data. Trade deficit
widened to $3.39 billion in July from $2.47 billion in the
previous month. Financial were among the top losers with SM Prime Holdings
Inc SMPH.PS shedding 1.1%, while Bank of the Philippine
Islands BPI.PS shed 0.9%.
Meanwhile, other equity markets in the region traded in
positive territory as investors remained cautiously optimistic
ahead of policy decisions from the European Central Bank and the
U.S. Federal Reserve.
"The summer of monetary love after Thursday's meeting may
quickly fade to winter if Europe's economy continues to slow,
inflation remains non-existent, and Europe's governments insist
on keeping their heads in the fiscal sand," Jeffrey Halley,
senior market analyst, Asia Pacific at OANDA, said in a note.
Singapore stocks .STI gained 0.3%, driven by industrials.
Jardine Matheson Holdings Ltd JARD.SI gained 1.4%, while
Jardine Strategic Holdings JSH.SI rose 1.7%.
Thai shares .SETI climbed on financial and energy stocks.
PTT PCL PTT.BK gained 0.6%, while Kasikornbank PCL KBANK.BK
gained 1.9% a day prior to the stock going ex-dividend.
Vietnam shares .VNI inched higher, aided by financials.
Joint Stock Commercial Bank for investment BID.HM and Joint
Stock Commercial Bank for Foreign Trade of Viet Nam VCB.HM
gained 1.8% and 0.9%, respectively.
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SOUTHEAST ASIAN STOCK MARKETS: 0355 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3156.62 3146.33 0.33
Bangkok 1673.71 1671.22 0.15
Manila 7908.28 7960.12 -0.65
Jakarta 6333.817 6326.213 0.12
Kuala Lumpur 1593.44 1604.47 -0.69
Ho Chi Minh 975.46 974.12 0.14
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3156.62 3068.76 2.86
Bangkok 1673.71 1563.88 7.02
Manila 7908.28 7,466.02 5.92
Jakarta 6333.817 6,194.50 2.25
Kuala Lumpur 1593.44 1690.58 -5.75
Ho Chi Minh 975.46 892.54 9.29