July 26, 2019 / 4:14 AM / 24 days ago

SE Asia Stocks-Most drop after ECB holds rates steady

    * Indonesia leads declines hit by weak consumer stocks
    * Singtel on track for biggest weekly loss in nearly 3 years
    * Singapore falls ahead of industrial production data

    By Anushka Trivedi
    July 26 (Reuters) - Most Southeast Asian stock markets
slipped on Friday, with Indonesia leading the declines in the
region, as investors offloaded risky assets after the European
Central Bank's (ECB) decision to hold interest-rates steady
dented sentiment.
    The ECB chief Mario Draghi on Thursday signalled the need
for more monetary stimulus but maintained rates, disappointing
doves who now will be focusing on a U.S. Federal Reserve meeting
next week.
    ING in a note warned that the market's tone would be
"risk-off" and said "investors continue to digest green shoots
of upcoming U.S.-China trade talks amid persisting anxiety about
the likely turn economic policies in the developed world take". 
    Indonesian shares fell 1.3% on weakness in financial
and consumer stocks, while an index of Jakarta's 45 most liquid
stocks fell 1.5%.
    Cigarette maker PT Hanjaya Mandala Sampoerna Tbk
and Bank Central Asia Tbk PT lost 2.7% and 0.9%,
respectively.
    In other news, the country's flag carrier PT Garuda
Indonesia (Persero) Tbk PT dipped 1.5% after it
restated 2018 results to show it incurred a loss of $175 million
rather than a profit.
    Singapore stocks fell 0.7%, seeing its worst intraday
drop in nearly three weeks.
    Shares of Singapore Telecommunications Ltd traded
ex-dividend and were the biggest drag on the index. Singtel
dropped 4.3% and was on track for its worst weekly performance
in about 3 years.
    The city-state is due to report industrial production for
June later in the day, which is expected to decline 7.9% on a
year-over-year basis, according to a Reuters poll.
    Last week, Singapore logged dismal export data for June,
with electronic shipments diving over 30% as the country tussled
against tepid global demand and the Sino-U.S. war. The nation's
second-quarter GDP also shrank by 3.4%.

    Philippine shares are on track to snap three sessions
of weekly gains, with heavyweights Ayala Land Inc and
GT Capital Holdings Inc pressuring the benchmark.
    Meanwhile, top lender BDO Unibank Inc said its
half-yearly net interest income jumped 24% to 56.9 billion
pesos.
    Bucking the trend, Vietnam's main board rose 0.3%.
    
For Asian Companies click:  

SOUTHEAST ASIAN STOCK MARKETS AS AT 0400 GMT
    
 Market                 Current   Previous close  Pct Move
 Singapore              3352.61   3381.26         -0.85
 Bangkok                1720.84   1730.9          -0.58
 Manila                 8216.48   8272.18         -0.67
 Jakarta                6319.314  6401.365        -1.28
 Kuala Lumpur           1650.67   1656.58         -0.36
 Ho Chi Minh            997.37    994.95          0.24
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3352.61   3068.76         9.25
 Bangkok                1720.84   1563.88         10.04
 Manila                 8216.48   7,466.02        10.05
 Jakarta                6319.314  6,194.50        2.01
 Kuala Lumpur           1650.67   1690.58         -2.36
 Ho Chi Minh            997.37    892.54          11.75
 
 (Reporting by Anushka Trivedi in Bengaluru; Editing by Shounak
Dasgupta)
  
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