Resuming trading after a three-day off, Philippine stocks performed worst in two months. Thailand and other Asian markets fared better, and were able to cut losses. Philippine composit index closed at a low 6,136.73, dropping by 6% and cutting half of this year-to-date's aggregate gains. However, investors are optimistic that the country would bounce back, and that the second quarter GDP to be released on August 29 will provide a positive influence in the market.
Malaysia composite index was down by 1.4%, reporting a decline in current account surplus and has reduced its economic growth estimates for this year.
Thai stocks closed with 0.3% loss, with investors buying huge capital like PTT and PTT Exploration and Production. There was also a record of outflow from foreign investors, selling USD113 million shares and Thai assets. The Thai bourse saw 7-year bonds rising to 3.99% and 10-year bonds rising to 4.26%.
Indonesia stocks closed at a 1.1% drop. Singapore was shaky, with its composite index dropping to 2% at one point, but managed to finish with a 0.6% jump.
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