Stocks down

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    Philippine stocks closed at their lowest in over three weeks as investors pulled out cash to invest in an influx of new listings, while most other regional markets inched lower as dismal China data fanned concerns about slowing growth.

    Movement in the Philippines’ benchmark had been muted for most of the week, though Friday’s 1 percent fall led to a weekly loss of 0.7 percent.

    “Right now the market is suffering from outflows because investors are preparing for IPOs

    in the pipeline”, said Oliver Plana, head of sales at Asiasec Equities.
    Financial and industrial stocks dominated losses on the index, with SM Prime Holdings falling 1.6 percent.

    Furnishing retailer AllHome Corp and coconuts products maker Axelum Resources Corp were among the latest companies to price their IPOs, as the Southeast Asian nation sees a revival in listings after just one new float last year.

    Escalating concerns over a slowdown in the economy prompted the country’s central bank to unveil a 100 basis point cut in the banks’ reserve requirement after market close, following an ease in monetary policy on Thursday.

    Analysts said the central bank’s move to cut its benchmark interest rate for a third time this year on Thursday had largely been priced in.

    Most other Southeast Asian markets traded lower after data showed a contraction in China’s August industrial profit due to weak demand and a trade spat with the United States.

    Malaysian shares lost 0.6 percent to drop to their lowest since Sept. 7, 2015, as financials faltered. The index posted its fourth straight weekly loss.

    The country’s biggest listed firm Malayan Banking Bhd fell 1.2 percent and was among the top drags.

    Financials led declines in Indonesian shares as well, with country’s benchmark index sliding 0.5 percent.

    Elsewhere, Thai stocks gained 0.4 percent as consumer stocks climbed. – Reuters