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SE Asia Stocks-Most down; Singapore gains on housing duty cuts
March 10, 2017 / 6:02 AM / 5 months ago

SE Asia Stocks-Most down; Singapore gains on housing duty cuts

3 Min Read

    March 10 (Reuters) - Singapore shares rose nearly 1 percent
on Friday, led by real-estate stocks after the city-state
lowered stamp duties on sale of residential properties, while
most other regional markets fell as they braced for a U.S. rate
hike as early as next week.
    Singapore cut stamp duties that sellers are required to pay
on residential properties and eased some rules on borrowing
thresholds, in an effort to relax property curbs imposed since
2009 to rein in the market.            
    The Straits Times Index recovered from early fall and
gained as much as 0.9 percent after the news.
    CapitaLand Ltd and City Developments Ltd
rose as much as 6.2 percent and 10.20 percent, respectively, to
their highest levels since May 2015.
    Broader Asian markets edged up, with MSCI's broadest index
of Asia-Pacific shares outside Japan rising 0.2
percent, but sentiment in Southeast Asia remained largely
subdued.
    The U.S. employment data due later in the day, are drawing
particular interest as any improvement would underline U.S.
economic strength, paving way for more interest rate hikes this
year.
    "Fed hike next week is already a certainty. It would
probably require a disastrous miss in payrolls to change the
market's mind," DBS Group Research said in a note.
    "The more interesting aspects lie with the guidance the Fed
is likely to give next week."
    A Reuters poll showed the Fed will raise interest rates next
week, with two more hikes likely to follow later this year.

    Philippines shares and Thai stocks lost about
0.5 percent each, with financials losing the most.
    BDO Unibank Inc shed 2.4 percent and Metropolitan
Bank and Trust Co fell 2 percent. 
    In Thailand, Group Lease PCL lost 28.5 percent.
    Indonesian shares lost 0.34 percent, while the index
of the 45 most liquid stocks fell 0.5 percent.
        
    For Asian Companies, click  

 SOUTHEAST ASIAN STOCK MARKETS: Changes at 0545 GMT
  Market           Current       prev close   Pct Move
  Singapore        3135.77       3118.84      0.54
  Bangkok          1542.01       1549.24      -0.47
  Manila           7256.99       7295.45      -0.53
  Jakarta          5384.199      5402.386     -0.34
  Kuala Lumpur     1715.43       1717.42      -0.12
  Ho Chi Minh      715.94        715.8        0.02
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3135.77       2880.76      8.85
  Bangkok          1542.01       1542.94      -0.06
  Manila           7256.99       6840.64      6.1
  Jakarta          5384.199      5296.711     1.65
  Kuala Lumpur     1715.43       1641.73      4.49
  Ho Chi Minh      715.94        664.87       7.7
 
 (Reporting by Krishna V Kurup in Bengaluru; Editing by
Gopakumar Warrier)
  

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