BENGALURU, Dec 1 — Singapore shares rose today as lenders climbed, while the Philippine market dropped to its lowest in two months when trading resumed after a holiday.
Philippine stocks slumped 0.7 per cent and were on track for a fourth straight session of declines and a weekly loss of more than 2 per cent.
“Most of the positive developments have already been factored into the market, market is trading at quite an expensive PE multiple compared to other Asian equities,” said Manny Cruz, an analyst with Asiasec Equities Inc in Manila.
The current forward price-to-earnings ratio for Philippine stocks is 20.4, higher than regional peers, with Singapore and Malaysia at about 15.6 and Indonesia at 17.3. Philippine shares are among the top gainers in Southeast Asia so far this year, rising nearly 20 per cent.
Philippine stocks were dragged lower by blue-chips such as Aboitiz Equity Ventures Inc and Bank of the Philippine Islands, falling more than 2 per cent each. Meanwhile, Asian stocks took heart from Wall Street’s overnight performance, nudged higher by apparent progress toward passage of the tax reform bill.
MSCI’s broadest index of Asian shares outside Japan inched up 0.1 per cent. Thai shares were 0.1 per cent higher, with the country’s annual consumer inflation rate rising in November, as expected. Singapore stocks rose as much as 0.8 per cent to a fresh two-and-a-half-year high, lifted by financials and industrials stocks.
Lenders DBS Group Holdings Ltd and United Overseas Bank Ltd rose 1.5 per cent each and were the biggest boosts to the main board. Malaysian and Indonesian markets were closed on account of national holidays. — Reuters
