SE Asia Stocks-Fall after N.Korea missile launch hits sentiment

By Chandini Monnappa
July 4 (Reuters) – Southeast Asian stock markets fell on
Tuesday tracking weak regional markets after North Korea
test-fired a missile that landed in Japanese waters, pressuring
riskier assets.
The missile, launched days before leaders from the Group of
20 nations are due to discuss steps to rein in Pyongyang’s
weapons programmes, flew a trajectory that an expert said could
allow a weapon to hit the U.S. state of Alaska.
“North Korea’s missile deployment to Sea of Japan is a sign
of increasing intensity of security risk in the region,” said
Jim McCafferty, head of equity research for Asia ex-Japan at
Nomura in Hong Kong.
Global equity markets were weighed down late last week by
worries that major central banks were turning hawkish, possibly
signalling a coordinated end to years of ultra-loose monetary
policy on both sides of the Atlantic.
Asia, however, has had its bright spots, as this week’s
manufacturing surveys showed. Private sector surveys of
manufacturers in Asia showed the factory sectors of China, South
Korea, Japan, Singapore and Taiwan picked up in June, driven
largely by a recovery in exports.
In southeast Asia, Indonesian shares ended the day
0.8 percent lower as telecommunication and consumer shares
weighed on the index.
Telekomunikasi Indonesia (Persero) Tbk PT dropped
as much as 4.2 percent, posting its biggest intraday percentage
loss since Nov. 2016.
Malaysian shares ended the day 0.4 percent. Petronas Gas Bhd
was down as much as 1.60 percent.
Malaysian palm oil futures fell on Tuesday from a two-week
high on profit-taking and as the market tracked a weaker
performance in related oils on China’s Dalian Commodity
Philippine shares closed 0.4 percent lower, hurt
mostly by financials, real estate and industrial stocks.
Index heavyweight JG Summit was the biggest drag
with a drop of 1.5 percent.
The Philippines has been one of the best performing equity
markets in southeast Asia this year when adjusted for local
currency, according to Thomson Reuters data. (
Singapore closed 0.4 percent lower, posting its third
straight session of decline.
Financials dragged the index lower, with Oversea-Chinese
Banking Corporation slipping as much as 1.5 percent.

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Change on the
Market Current Previous Close Pct Move
Singapore 3211.17 3223.46 -0.38
Bangkok 1574.11 1579.41 -0.34
Manila 7833.96 7866.52 -0.41
Jakarta 5865.364 5910.237 -0.76
Kuala Lumpur 1762.08 1768.67 -0.37
Ho Chi Minh 775.54 778.88 -0.43

Change on year
Market Current End 2016 Pct Move
Singapore 3211.17 2880.76 11.47
Bangkok 1574.11 1542.94 2.02
Manila 7833.96 6840.64 14.52
Jakarta 5865.364 5296.711 10.74
Kuala Lumpur 1762.08 1641.73 7.33
Ho Chi Minh 775.54 664.87 16.65

(Reporting by Chandini Monnappa; Editing by Vyas Mohan)