Singapore shares fell more than 1 percent on Tuesday, led by industrials, while expectations of extended crude supply cuts lifted oil stocks on the Thai index. Industrial stocks in Singapore faced a big selloff, with heavyweight Jardine Matheson falling as much as 6.7 percent, to hit its lowest in three months. However, Philippine shares gained, snapping two sessions of losses. “I would say this is a technical rebound,” said Joseph Roxas, analyst at Manila-based Eagle Equities.
“There was some selling recently because of the two big IPOs and I think that has already been absorbed by the markets and we are moving higher again.” A Congressional panel of Philippine lawmakers on Monday evicted an impeachment complaint against President Rodrigo Duterte, a widely expected outcome underlining the leader’s steadfast legislative support.
“Some people would attribute (the gains) to the dismissal of the impeachment complaint, but I wouldn’t say that was ever a factor,” he added. Real estate stocks and financials drove the gains, with property developer Ayala Land rising 4 percent.
Shares of Petron Corp hit a five-month high after its inclusion in the Philippines Small Cap Index. Energy stocks outperformed in Thailand, with top oil producers PTT and PTT Exploration and Production adding 1.8 percent and 2.1 percent, respectively.
Oil prices rose on Tuesday, after a joint announcement by Saudi Arabia and Russia to push for an extension of supply cuts until the end of March 2018. Meanwhile, Jakarta snapped two sessions of gains to drift lower. Financials were the biggest losers, with Bank Central Asia Tbk PT falling nearly five percent.