SE Asia Stocks-Largely flat ahead of Yellen testimony; S’pore down

By Chris Thomas
July 11 (Reuters) – Most Southeast Asian stock markets moved
sideways on Tuesday in thin trade as investors remained cautious
ahead of U.S. Federal Reserve Chair Janet Yellen’s monetary
policy testimony, which may offer clues on when the Fed would
tighten its monetary policy.
Yellen’s semi-annual testimony to Congress on Wednesday and
Thursday, may give further indication on the timing of the third
Fed rate hike for the year, said Grace Aller, an analyst with
Manila-based AP Securities.
“A Fed rate hike can further dampen appetite for emerging
markets as it points to further strengthening in the investment
environment for developed markets,” she said.
Singapore was the biggest decliner in Southeast Asia,
shedding as much as 0.6 percent, dragged by losses in telecom,
industrial and real estate stocks.
Index heavyweights Singapore Telecommunications
and Jardine Matheson Holdings were among the top
decliners on the index, falling as much as 1 percent and 1.5
percent, respectively.
Thai shares fell as much as 0.3 percent before
paring some of the losses, with convenience store operator CP
All Pcl dropping 3.6 percent, set for its fifth
straight session of losses.
Philppine shares edged up 0.3 percent in early trade,
helped by industrial and real estate stocks.
Philippine exports rose for a sixth straight month in May,
growing 13.7 percent from a year ago, while imports climbed 16.6
percent.
International Container Terminal Services was among
the biggest gainers on the index, climbing as much as 2.6
percent, after signing an agreement with a dredging company to
deepen the Congo River in Africa, a move that would realize cost
savings for the terminal operator from 2018. (http://bit.ly/2uchf8U)
Property developer Ayala Land rose as much as 1.6
percent to its highest in nearly three weeks.
Indonesian shares slipped marginally to touch a
three-week low, pulled down by financial stocks.
Malaysia and Vietnam were largely flat.

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SOUTHEAST ASIAN STOCK MARKETS: Change at 0432 GMT

Change on day
Market Current Previous Close Pct Move
Singapore 3229.75 3246.35 -0.51
Bangkok 1568.03 1569.44 -0.09
Manila 7859.4 7837.47 0.28
Jakarta 5767.528 5771.506 -0.07
Kuala Lumpur 1756.66 1757.13 -0.03
Ho Chi Minh 766.43 766.56 -0.02

Change on year
Market Current End 2016 Pct Move
Singapore 3229.75 2880.76 12.11
Bangkok 1568.03 1542.94 1.63
Manila 7859.4 6840.64 14.89
Jakarta 5767.528 5296.711 8.89
Kuala Lumpur 1756.66 1641.73 7.00
Ho Chi Minh 766.43 664.87 15.28

(Reporting by Chris Thomas; Editing by Amrutha Gayathri)


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