August 24, 2018 / 10:19 AM / 3 months ago

SE Asia Stocks-Fall ahead of Powell speech; Singapore down over 1 pct

    * Indonesia snaps three straight sessions of gains
    * Vietnam posts sixth consecutive weekly gain
    * S'pore industrial production growth slows in July

    By Mensholong Lepcha
    Aug 24 (Reuters) - Southeast Asian stock markets fell on
Friday after Sino-U.S. trade talks ended without any major
breakthrough, while investors braced for a speech from U.S.
Federal Reserve Chairman Jerome Powell for clues on the
direction of monetary policy.
    Powell is due to give a speech later in the day at the
Jackson Hole, Wyoming, conference of central bankers. Where he
stands on the pace of interest rate hikes will be scrutinised
after minutes from the Fed's most recent policy meeting
indicated the central bank would tighten monetary policy soon.
    Asian shares ex-Japan fell 0.4 percent after
U.S. and Chinese officials ended two days of talks on Thursday
with no major breakthrough. At the same time, their trade war
escalated with another round of duelling tariffs on $16 billion
worth of each country's goods taking effect.
    In Southeast Asia, Philippine shares fell 0.5 percent
 after two straight sessions of gains, but posted a weekly rise
of 2.4 percent.
    "U.S.-China trade tension has affected sentiment on emerging
markets like Philippines. We are seeing some outflows of foreign
investments, so it is sentiment-driven today," said Rachelle
Cruz, an analyst with AP Securities.
    Property developer Megaworld Corp fell 5.3 percent,
while Bank of the Philippine Islands shed 3.2 percent.
    Singapore shares closed over 1 percent lower after
the previous session's sharp gains, dragged by financials.
    Lenders DBS Group Holdings Ltd and United Overseas
Bank Ltd shed over 1.5 percent each. 
    The city-state's industrial production growth slowed
slightly on-year in July from a month ago, but still came in
above forecasts, data showed.
    Malaysian shares snapped four straight sessions of
gains, but closed the week higher by 1.4 percent.
    Public Bank Bhd and Petronas Gas Bhd
were the biggest drag declining about 1.6 percent each.
    Vietnam shares closed flat, but posted their sixth
straight weekly gain. Indonesian shares snapped three
straight session of gains, while Thailand closed little
changed. 
    
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SOUTHEAST ASIAN STOCK MARKETS
  Change on the day                                         
  Market             Current        Previous      Pct Move
                                    close         
  Singapore          3213           3249.89       -1.14
  Bangkok            1703.82        1704.8        -0.06
  Manila             7766.47        7804.03       -0.48
  Jakarta            5968.75        5982.985      -0.24
  Kuala Lumpur       1808.59        1810.87       -0.13
  Ho Chi Minh        987.05         987.36        -0.03
                                                  
  Change on year                                  
  Market             Current        End 2017      Pct Move
  Singapore          3213           3402.92       -5.58
  Bangkok            1703.82        1753.71       -2.84
  Manila             7766.47        8558.42       -9.25
  Jakarta            5968.75        6355.654      -6.09
  Kuala Lumpur       1808.59        1796.81       0.66
  Ho Chi Minh        987.05         984.24        0.29
 


 (Reporting by Mensholong Lepcha; Editing by Subhranshu Sahu)
  
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