* Indonesia gains 1% to one-week closing high
* Malaysia marks lowest close in nearly 4 years
* Telecom, financial sectors weigh on Thailand
By Soumyajit Saha
Aug 27 (Reuters) - Philippine stocks plunged nearly 2% on
Tuesday to three-month closing lows, dragged by property stocks
on fears the government may halt online gambling, while
Indonesian shares rose on optimism about government stimulus.
The archipelago's anti-money laundering body said it was
scrutinizing the country's online gambling industry to determine
the impact on the economy if it stopped operating. China has urged the Philippines to ban online gaming to
support its crackdown on cross-border gambling. Online gambling
companies are a boon for the local economy, drawing many
visitors from China who work in them, fuelling property demand
and retail spending.
Lack of positive catalysts coupled with negative sentiments
in the property sector after China's urge to ban online gambling
hurt risk appetite, said Rachelle Cruz, a research analyst with
AP Securities.
The benchmark stock index .PSI closed 1.8% lower, with
Ayala Land ALI.PS and Ayala Corp AC.PS shedding 3.4% and
1.9% respectively.
Indonesian shares .JKSE gained 1% to a one-week closing
high, helped by financial and consumer sectors.
Risk sentiment was boosted as the government's decision to
relocate the capital city from Jakarta solidified confidence
that it would walk the talk on stimulus proposed in the 2020
budget draft, said Andrey Wijaya, a senior analyst at RHB
Sekuritas Indonesia.
Ten days after unveiling a $177.71 billion budget for 2020,
the government said it would relocate the capital to the island
of Borneo and it would cost about $32.79 billion.
The government also promised to focus on investments in
infrastructure, human resources and social security.
Among gainers, Unilever Indonesia UNVR.JK and lender Bank
Rakyat Indonesia (Persero) BBRI.JK added 3.1% and 3.2%,
respectively.
Thai shares .SETI closed about 0.5% lower, weighed down by
telecoms and financials. True Corp TRUE.BK fell 2.4%, while
Kasikornbank PCL KBANK.BK lost 1.9%.
Thailand's manufacturing production index in July dropped
3.23% from a year earlier, a greater fall than expected, dragged
down by lower production of cars, petroleum and steel.
Malaysian shares .KLSE fell to their lowest close in
nearly four years, hurt by losses in financials.
Lender Hong Leong Bank HLBB.KL and financial services
provider Hong Leong Financial Group HLCB.KL lost 2.9% and
4.4%, respectively.
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SOUTHEAST ASIAN STOCK MARKETS
STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3067.52 3065.33 0.07
Bangkok 1615.47 1622.73 -0.45
Manila 7747.38 7889.41 -1.80
Jakarta 6278.171 6214.51 1.02
Kuala Lumpur 1590.84 1600.53 -0.61
Ho Chi Minh 976.79 982.88 -0.62
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3067.52 3068.76 -0.04
Bangkok 1615.47 1563.88 3.30
Manila 7747.38 7,466.02 3.77
Jakarta 6278.171 6,194.50 1.35
Kuala Lumpur 1590.84 1690.58 -5.90
Ho Chi Minh 976.79 892.54 9.44