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7 months ago
SE Asia Stocks-Largely down; Singapore heads for fifth straight gain
January 9, 2017 / 5:07 AM / 7 months ago

SE Asia Stocks-Largely down; Singapore heads for fifth straight gain

By Sandhya Sampath
    Jan 9 (Reuters) - Most Southeast Asian stock markets fell on
Monday while Asian peers edged up on the back of gains on Wall
Street and in the dollar. 
    U.S. stocks ended higher on Friday, fuelled by optimism
about President-elect Donald Trump, while the dollar stood tall
against rivals after the latest U.S. payrolls data indicated
strong underlying wage growth, strengthening the case for more
rate hikes in 2017.  
    Trump's presidential election win sparked a major
realignment in markets, with expectations of tax cuts, fiscal
spending and deregulation sending U.S. bond yields and dollar
higher, while prompting capital outflows from emerging
economies. 
    "We are seeing how the dollar is peaking at least in the
short term, showing signs that it might stabilise, and of
course, the U.S. bond rate is also stabilising in the short
term. Those might be the factors that may have led to a rotation
back into emerging markets," said April Lee-Tan, vice president
and head of research at Manila-based COL Financial.   
    Singapore shares hit their highest in over a month
and were headed for a fifth straight session of gains.
    Strong U.S. jobs data is good for Singapore as most of the
city-state's exports go to the United States, said Mikey
Macainag, an analyst with Sunsecurities Inc.
    Gains in Singapore were led by oil & gas stocks despite a
fall in crude prices. Industrial conglomerate Sembcorp
Industries Ltd gained as much as 3 percent to its
highest since April 21, 2016.
    Philippine shares were flat after gaining 6 percent
last week as gains in telecom services and utilities were offset
by losses in financials and consumer cyclicals.
    "I think the consensus view right now is of course that
investors are expecting a weak BOT (balance of trade) position,
although we don't have any specific forecast for that," said
Lee-Tan, ahead of the release of the data, expected on Tuesday.
    Thai shares fell, dragged down by energy stocks with
PTT Pcl, the country's largest energy firm, losing 0.3
percent.
             
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0420 GMT        
  STOCK MARKETS                                       
  Market             Current  previous close  Pct Move
  Singapore          2977.11  2962.63         0.49
  Bangkok            1566.05  1571.48         -0.35
  Manila             7246.79  7248.2          -0.02
  Jakarta            5332.06  5347.022        -0.28
  Kuala Lumpur       1670.82  1675.49         -0.28
  Ho Chi Minh        683.51   679.8           0.55
                                              
  Change this year                            
  Market             Current  End 2016        Pct Move
  Singapore          2977.11  2880.76         3.34
  Bangkok            1566.05  1542.94         1.50
  Manila             7246.79  6840.64         5.9
  Jakarta            5332.06  5296.711        0.67
  Kuala Lumpur       1670.82  1641.73         1.77
  Ho Chi Minh        683.51   664.87          2.8
 
 (Reporting by Sandhya Sampath; Additional reporting by Susan
Mathew; Editing by Subhranshu Sahu)

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