July 20, 2018 / 4:39 AM / 3 months ago

SE Asia Stocks-Most markets fall in line with Asia; Singapore, Thailand rise

    * Singapore touches 1-month high
    * Rupiah falls to lowest since Oct 2015

    By Karthika Suresh Namboothiri
    July 20 (Reuters) - Singapore and Thai shares extended gains
on Friday, driven by financials, while other Southeast Asian
markets fell in line with broader Asia.
    Asian shares ex-Japan slipped on concerns China's currency
management could become the next flash point in a fierce trade
conflict with the United States, after the central bank lowered
its midpoint for the yuan for a seventh straight session and to
its lowest in a year.
    Global investor sentiment was also subdued as officials from
the EU Trade Commission are said to be preparing a list of
tit-for-tat actions in response to proposed U.S. tariffs on EU
cars.
    Singapore shares rose for a fourth consecutive
session to a one-month high, with DBS Group Holdings
climbing 1.1 percent and United Overseas Bank gaining
1 percent.
    Thai shares gained for a third consecutive session,
with Kasikornbank jumping 4.3 percent on upbeat
quarterly earnings, while PTT PCL rose 2.5 percent.
    Indonesian shares fell after the central bank kept
its benchmark interest rate unchanged on Thursday, as expected,
taking a pause in its monetary tightening cycle aimed at
bolstering the rupiah, though emphasising it was still ready to
support the currency.
    The rupiah hit a near three-year low on Friday.

    The puzzling movement of the rupiah despite impressive
interest rate hikes has the market a little concerned, said Taye
Shim, head of research at Jakarta-based Mirae Asset Sekuritas.
    Investors now have to reassess the economy and recalibrate
their investment strategies, he added.
    Financials took a beating on Friday with Bank Central Asia
 declining 0.9 percent and Astra International
 shedding 0.8 percent.
    The key Jakarta stock index was down more than 1.5 percent
for the week, heading for its fourth weekly decline in five. 
    Vietnam shares fell after six consecutive sessions of
gains, while Philippine stocks declined for a second
straight session.
    SM Investments Corp slipped 2.4 percent, while power
generator Aboitiz Equity Ventures fell as much as 4.3
percent to a three-year low.
   Malaysian shares were down after nine straight
session of gains with electricity supplier Tenaga Nasional
 shedding 1.3 percent.
   
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0434 GMT
 Market          Current  Previous close  Pct Move
 Singapore       3291.69  3277.58         0.43
 Bangkok         1661.06  1646.89         0.86
 Manila          7333.57  7387.87         -0.73
 Jakarta         5844.34  5871.077        -0.46
 Kuala Lumpur    1751.6   1759.24         -0.43
 Ho Chi Minh     935.37   943.97          -0.91
                                          
 Change on year                           
 Market          Current  End 2017        Pct Move
 Singapore       3291.69  3402.92         -3.27
 Bangkok         1661.06  1753.71         -5.28
 Manila          7333.57  8558.42         -14.31
 Jakarta         5844.34  6355.654        -8.05
 Kuala Lumpur    1751.6   1796.81         -2.52
 Ho Chi Minh     935.37   984.24          -4.97
 
 (Reporting by Karthika Suresh Namboothiri; Editing by
Subhranshu Sahu)
  
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