SE Asia Stocks-Largely down on fund outflow worries; Singapore up

By Chris Thomas
July 10 (Reuters) – Most Southeast Asian stock markets fell
on Monday on concerns about foreign fund outflows from emerging
markets to better-yielding U.S. assets as solid jobs data
cemented expectations of more rate hikes by the Federal Reserve.
U.S. job growth surged more than expected in June,
signalling that the Fed could be on course for a third interest
rate hike this year despite sluggish wage gains.
“Though this (upbeat jobs figures) signifies a strong
recovery in the U.S. economy, there are also concerns that a
rate hike is looming in the United States,” said Lexter Azurin,
a senior analyst with Manila-based AB Capital Securities.
Philippine shares ended 0.7 percent lower, their
biggest drop in more than one week. Telecom company PLDT Inc
led the decline, falling 3.3 percent to post its lowest
close in nearly seven weeks.
Malaysian shares fell 0.2 percent to close at their
lowest since April 21. Petronas Chemicals Group was
the biggest drag, falling 2.8 percent to close at its lowest in
more than six months, while Genting Bhd dropped 1.7
Vietnam shares dropped 1.2 percent, their biggest
fall in nearly seven months.
Fiachra Mac Cana, head of research at Ho Chi Minh
Securities, called this a “long overdue correction”.
Indonesian shares fell 0.7 percent to close at their
lowest in three weeks after the main index opened an hour late
due to a technical glitch.
Unilever Indonesia fell 2.9 percent, while Bank
Rakyat Indonesia shed 2.2 percent.
An index of the country’s 45 most liquid stocks
dropped 1 percent.
Singapore shares bucked the trend to end 0.5 percent
higher, backed by strong performances in financial and telecom
DBS Group ended 0.8 percent higher, while
Oversea-Chinese Banking Corp and Singapore
Telecommunications gained 1 percent each.
Thailand was closed for a holiday.

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Change on day
Market Current Previous Close Pct Move
Singapore 3246.35 3229.01 0.54
Manila 7837.47 7889.33 -0.66
Jakarta 5771.506 5814.793 -0.74
Kuala Lumpur 1757.13 1759.93 -0.16
Ho Chi Minh 766.56 775.73 -1.18

Change on year
Market Current End 2016 Pct Move
Singapore 3246.35 2880.76 12.69
Manila 7837.47 6840.64 14.57
Jakarta 5771.506 5296.711 8.96
Kuala Lumpur 1757.13 1641.73 7.03
Ho Chi Minh 766.56 664.87 15.29

(Reporting by Chris Thomas; Editing by Subhranshu Sahu)

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