January 24, 2018, 1:45 am
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PSEi pulls back

Indonesian shares fell on Wednesday as foreign investors turned net sellers ahead of the release of the US Federal Reserve’s September meeting minutes, while Philippine shares hit a fresh record before paring the gains.

Philippine stocks fell as much as 0.47 percent, pulling back from an all-time high hit earlier in the day as consumer staples and industrial stocks declined.

Super market operator Robinsons Retail Holdings was the biggest drag on the index, falling 4.4 percent, while LT Group Inc was down 4.2 percent.

In contrast with the broader trend, Thai stocks climbed as much as 0.7 percent to a fresh 24-year high, led by gains in petroleum retailer PTT Pcl.

The Fed minutes due later in day may bolster views of a December rate hike and provide clues on the pace of US monetary policy tightening.

Indonesian shares slipped as much as 0.8 percent to their lowest in nearly two weeks, set for a second day of losses.

“We are seeing a little bit of accelerated selloff by foreign investors,” said Taye Shim, head of research at Mirae Asset Sekuritas.

“Foreigners are selling about 1 trillion rupiah ($74.0 million) whereas they are buying about 600 bln rupiah,” he said.

The index of the country’s 45 most liquid stocks fell 1.1 percent.

“I think investors are a little bit concerned that the economic growth might not accelerate in the second-half and 2018 and beyond, given the fact that inflationary pressures are very soft,” he added. – Reuters 
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