South-east Asia stocks steady, Philippine shares fall as Barack Obama cancels meeting with Rodrigo Duterte

Philippine stocks fell due to a sell-off as President Barack Obama cancelled his meeting with the country's president after Rodrigo Duterte described Obama as a "son of a bitch".

By: Reuters | Published:September 6, 2016 11:15 am
barack obama, obama, duterte comments, duterte obama abuse, us president, us, phillipines, Rodrigo Duterte, phillipines president, world news “The cancellation of the meeting between leaders of the Philippines and the US has exacerbated selling pressure in the market. Absence of market steering development has also affected selling pressure,” said Manny Cruz, an analyst with Asiasec Equities Inc.

Southeast Asian stock markets were steady on Tuesday mirroring Asian markets, with investors now eyeing the results of the policy meeting in Australia for cues.

All the 33 economists polled by Reuters expect the Reserve Bank of Australia (RBA) to stand pat, following the rate cuts in August and May.

Philippine stocks fell due to a sell-off as President Barack Obama cancelled his meeting with the country’s president after Rodrigo Duterte described Obama as a “son of a bitch”.

“The cancellation of the meeting between leaders of the Philippines and the US has exacerbated selling pressure in the market. Absence of market steering development has also affected selling pressure,” said Manny Cruz, an analyst with Asiasec Equities Inc.

Financial stocks lost the most after central bank governor Amando Tetangco said there is no strong need to change monetary policy. Statements released from the Philippine statistics office showed that annual inflation unexpectedly slowed in August as food prices eased.

Metropolitan Bank and Trust Co was the biggest loser on the index, touching its lowest in about 10 weeks.

Meanwhile, Singapore shares held on to the previous session’s gains, up 1.1 percent, with oil and gas shares leading the rally. Oil companies Sembcorp Marine and Keppel Corp gained after Brent crude retained most of its gains from the previous session.

Thai shares rose marginally, supported by consumer non-cyclicals. Central Pattana PCL, Thailand’s largest shopping mall developer, maintained its annual revenue growth of 15 percent, the Bangkok Post reported.