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SE Asia Stocks-Most fall after Yellen comments; Philippines hits over 10-mth low
December 20, 2016 / 5:28 AM / 9 months ago

SE Asia Stocks-Most fall after Yellen comments; Philippines hits over 10-mth low

By Geo  Tharappel
    Dec 20 (Reuters) - Most Southeast Asian stock markets fell
on Tuesday after U.S. Federal Reserve Chair Janet Yellen gave an
upbeat view of the jobs market, strengthening the rate hike
outlook for next year.
    Yellen said on Monday that the U.S. labour market had
improved to its strongest in nearly a decade, suggesting that
wage growth was picking up and underscoring expectations that
the central bank would continue to raise interest rates next
year. 
    The Fed's hawkish view on the pace of rate hikes in 2017,
along with President-elect Donald Trump's promises of tax cuts
and spending, have boosted sentiment about the U.S. economy and
prompted capital outflows from emerging markets.
    Philippine shares fell as much as 1.77 percent to
their lowest in over 10 months, dragged down by industrial and
financial stocks, after declining 2 percent in the previous
session.
    "It is a downward spiral and (fallout from the Fed) is one
of the main reasons," said Joseph Roxas, president at
Manila-based Eagle Equities Inc.
    "The market is more volatile than others while being less
liquid as companies are family-controlled with a maximum of 40
percent out in the market in many cases," said Roxas, adding
this made it move faster in either direction.
    Conglomerate JG Summit Holdings Inc dropped 3
percent to its lowest since Feb. 12, while Metro Pacific
Investments Corp fell 4.1 percent to a more than
seven-month low.
    Vietnam shares dropped up to 1.01 percent to hit a
two-week low, with consumer staples leading the decline. 
    Recently listed Saigon Beer Alcohol Beverage Corp 
fell up to 3.8 percent, while Vietnam Dairy Products JSC
 declined as much as 2.5 percent to a five-month low.
    Singapore shares bucked the trend and were marginally
higher in volatile trade, helped by consumer staples and telecom
stocks.
    Singapore Telecommunications Ltd jumped 1.1
percent, heading for its first gain in five sessions, while palm
oil producer Wilmar International Ltd climbed 2.2
percent to its highest since February 2013.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 were little changed after the Bank of Japan kept
its monetary policy steady as widely expected.    
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change at 0447 GMT
  Market             Current        prev close    Pct Move
  Singapore          2918.84        2913.08        0.20
  Bangkok            1515.46        1522.4        -0.46
  Manila             6603.97        6714.13       -1.64
  Jakarta            5181.991       5191.912      -0.19
  Kuala Lumpur       1633.59        1634.3        -0.04
  Ho Chi Minh        667.72         674.33        -0.98
                                                  
  Change this year                                
  Market             Current        End 2015      Pct Move
  Singapore          2918.84        2882.73       1.25
  Bangkok            1515.46        1288.02       17.66
  Manila             6603.97        6952.08       -5.01
  Jakarta            5181.991       4593.008      12.82
  Kuala Lumpur       1633.59        1692.51       -3.48
  Ho Chi Minh        667.72         579.03        15.32
 

 (Reporting by Geo Tharappel in Bengaluru; Editing by Subhranshu
Sahu)

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