SE Asia Stocks-Largely down in line with Asia; Philippines, Singapore rise

By Ambar Warrick
July 18 (Reuters) – Most Southeast Asian stock markets ended
lower on Tuesday, tracking Asian shares and Wall Street
overnight as the passage of a U.S. healthcare bill grew
doubtful, raising concerns about how the rest of President
Donald Trump’s ambitious economic agenda would fare.
Republican Senators Jerry Moran and Mike Lee announced their
opposition on Monday to a U.S. legislation to dismantle and
replace the Affordable Care Act, commonly known as Obamacare,
leaving it without enough votes to pass.
“Ever since Trump’s Obamacare repeal failed, there has been
an unwinding of a risk-off bias into a risk-on bias,” said Taye
Shim, head of research at Jakarta-based Mirae Asset Sekuritas.
In Southeast Asia, Indonesian shares closed 0.3
percent lower, hurt by financials and consumer staples.
The decline was primarily driven by foreign net selling, he
“Mixed signals from the European Central Bank with regards
to their monetary policy are causing a bit of jitters, so
investors might be risk-off with regards to emerging markets,”
he added.
Bank Rakyat Indonesia closed down 0.7 percent,
while Unilever Indonesia fell 1.4 percent to a
one-week closing low.
An index of the country’s 45 most liquid stocks
closed 0.45 percent lower.
Thai shares declined for the third consecutive
session to close at a one-week low, dragged down by financial
and telecom stocks.
Siam Commercial Bank ended 2.2 percent lower, while
Advanced Info Service fell 1.1 percent to a one-week
closing low.
Philippine shares closed at their highest in one
month, helped by gains in financial and real estate stocks.
However, the upside was limited by falls in telecom stocks.
PLDT Inc dropped 3.5 percent to its lowest close in
nearly two months after it shed about 2.2 percent on the
New York Stock Exchange on Monday.
Singapore shares, meanwhile, extended gains into a
fourth session, closing at their highest level since July 27,
2015. Financials led the gains with DBS Group Holdings Ltd
rising 1.7 percent to a 17-1/2-year closing high.

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Change on the day
Market Current previous Pct Move
Singapore 3306.08 3298.24 0.24
Bangkok 1571.52 1574.09 -0.16
Manila 7952.92 7934.5 0.23
Jakarta 5822.352 5841.28 -0.32
Kuala Lumpur 1754.92 1755.19 -0.02
Ho Chi Minh 767.49 768.91 -0.18
Change so far in 2017
Market Current End prev yr Pct Move
Singapore 3306.08 2880.76 14.76
Bangkok 1571.52 1542.94 1.85
Manila 7952.92 6840.64 16.26
Jakarta 5822.352 5296.711 9.92
Kuala Lumpur 1754.92 1641.73 6.89
Ho Chi Minh 767.49 664.87 15.43

(Reporting by Ambar Warrick in Bengaluru; Editing by Subhranshu

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