SE Asia Stocks-Most down; Thailand snaps five quarters of gains

By Nicole Pinto
June 30 (Reuters) – Most Southeast Asian stock markets fell on Friday,
tracking weak global peers, as a slew of hawkish comments from central banks
signalled that the era of cheap money was coming to an end.
Global equities took a hit after the Bank of England Governor Mark Carney
surprised many on Wednesday by saying that a rate hike was likely to be needed
as the economy came closer to running at full capacity.
“Hawkish central bank rhetoric continued to sustain across major markets as
investors anticipated the upcoming Federal Open Market Committee (FOMC) balance
sheet unwinding and pushed bond yields higher and weighed on Wall Street
overnight,” OCBC Bank said in a note.
Most markets in the region ended the quarter with gains, except Thailand
which snapped a five-quarter winning streak to end lower. The benchmark
index fell 0.02 percent with PTT losing 1.3 percent and Energy Absolute
closing 3.5 percent lower.
Singapore shares declined one percent, dragged down by financials.
Oversea-Chinese Banking Corporation and United Overseas Bank
fell 1.5 percent and 1.7 percent, respectively. The index gained for a fifth
consecutive quarter.
Meanwhile, Philippine shares gained for a fourth consecutive month,
led by gains in SM Investment of 1.7 percent and BDO Unibank Inc
of 2.5 percent.
Vietnam shares rose 0.61 percent with Joint Stock Commercial Bank for
Foreign Trade of Viet Nam and Hoa Phat Group JSC gaining 0.8
percent and 2.7 percent, respectively.
Indonesia’s financial markets were closed on account of a national
holiday.

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SOUTHEAST ASIAN STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
Close
Singapore 3226.48 3258.65 -0.99
Bangkok 1574.74 1578.12 -0.21
Manila 7843.16 7788.06 0.71
Kuala Lumpur 1763.67 1771.36 -0.43
Ho Chi Minh 776.47 771.75 0.61

Change so far
this year
Market Current End 2016 Pct Move
Singapore 3226.48 2880.76 12.00
Bangkok 1574.74 1542.94 2.06
Manila 7843.16 6840.64 14.66
Kuala Lumpur 1763.67 1641.73 7.43
Ho Chi Minh 776.47 664.87 16.79

(Reporting by Nicole Pinto in Bengaluru; Editing by Vyas Mohan)


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