Stocks: Vietnam, Philippines fall as corporate earnings disappoint


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Photo: Diep Duc Minh/Thanh Nien News Photo: Diep Duc Minh/Thanh Nien News


Most Southeast Asian stock markets fell on Tuesday with Vietnam hitting a one-month low, after a few companies reported poor earnings this season, hurting market sentiment.
The Vietnam index closed 1.9 percent lower, dragged down by financial stocks with Vinamilk, the country's top-listed firm by market value, slipping 1.9 percent.
Military Commercial Joint Stock Bank shed 0.67 percent after posting a fall in second-quarter profit.
Vietcombank,, the country's top lender by market value fell 2.8 percent, and is planning to issue up to VND8 trillion (US$358.7 million) worth of bonds in 2016, the Vietnam Plus web site reported.
"Bank results were quite scary," said Farhan Rizvi of Credit Suisse (Singapore) Ltd. "Things are not looking good for them with operating profits dropping and provisions rising. In case of stocks such as Vinamilk, investors were focused on profit-taking," he added.
The Vietnam government forecast a weak economic outlook on Friday which continued to hurt sentiment.
Singapore shares finished 1.2 percent down as their major constituent - financial stocks - lost ground, with the biggest lender DBS Group being among the top losers on the index.
Philippine shares lost 0.4 percent, after blue-chip company Philippine Long Distance Telephone Co reported a 33 percent drop in quarterly profit.
Thai shares also edged down. The Thai central bank is expected to leave its policy rate unchanged, when the policy committee meets on Wednesday, according to a Reuters poll.
Asian shares tracked the falls on Wall Street and edged lower, with MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.4 percent.
"Markets will be moving sideways because of the start of the 'ghost month' tomorrow," said Mikey Macanaig of Sunsecurities Inc.
Some analysts said the 'ghost month' in China has stalled momentum in the markets due to a popular belief that Chinese investors should not spend or even trade much during this month.

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