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2 months ago
SE Asia Stocks-Caution prevails despite positive China trade data
June 8, 2017 / 4:55 AM / 2 months ago

SE Asia Stocks-Caution prevails despite positive China trade data

    By Chris Thomas
    June 8 (Reuters) - Southeast Asian markets were tepid on
Thursday, shrugging off better-than-expected trade data from
China, as investors focused on the big events of the day,
including the UK elections and a meeting by the European Central
Bank.
    China's May exports rose 8.7 percent from a year earlier,
while imports expanded 14.8 percent, both beating analysts'
expectations. 
    The regional markets may not react to the Chinese data now
as they wait for the results of key global events, said Manny
Cruz, an analyst with Manila-based Asiasec Equities Inc. 
    The data will however further bolster the yuan as well as
other regional currencies in the near term, he said. 
    In Southeast Asia, Philippine shares fell as much as
0.5 percent after hitting a near 10-month high earlier in the
session. 
    Industrial and telecom stocks were the biggest drag on the
index, with SM Investments Corp dropping 2.9 percent. 
PLDT Inc fell 2.6 percent.
    Malaysia, Thailand and Indonesia
were flat.  
    Singapore shares gained as much as 0.4 percent, with
telecom and industrial stocks leading the index. 
    Singapore Telecommunications gained as much as 0.5
percent, while Jardine Matheson Holdings rose 0.9
percent.
    In Asia, shares wobbled as investors braced for any
surprises from the UK elections, the ECB meeting and
congressional testimony from ex-FBI director James Comey who was
fired by U.S. President Donald Trump last month.
    Comey's senate appearance later in the day will be closely
watched for any hints on whether the U.S. President engaged in
obstruction of justice - an offence that could lead to
impeachment hearings.
    ECB policymakers are set to take a more benign view of the
economy and will even discuss dropping some of their pledges to
ramp up stimulus if needed.  
        
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0410 GMT
    
  Market          Current      Previous Close   Pct Move
  Singapore       3239.44      3230.49          0.28
  Bangkok         1565.12      1566.58          -0.09
  Manila          7987.71      8002.32          -0.18
  Jakarta         5718.65      5717.325         0.02
  Kuala Lumpur    1787.68      1785.92          0.10
  Ho Chi Minh     751.57       753.46           -0.25
                                                
  Change on year                                
  Market          Current      End 2016         Pct Move
  Singapore       3239.44      2880.76          12.45
  Bangkok         1565.12      1542.94          1.44
  Manila          7987.71      6840.64          16.77
  Jakarta         5718.65      5296.711         7.97
  Kuala Lumpur    1787.68      1641.73          8.89
  Ho Chi Minh     751.57       664.87           13.04
 

 (Reporting by Chris Thomas; Editing by Biju Dwarakanath)
  

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