SE Asia Stocks-Most fall on weak U.S. data, oil; all eyes on G20

By Chandini Monnappa
July 7 (Reuters) – Most Southeast Asian stock markets closed
lower on Friday tracking peers in the region as a sharp decline
in oil prices and an overnight loss on Wall Street following
weak U.S. labour market data hurt sentiment.
The softer data comes on the heels of Wednesday’s release of
the minutes from the Fed’s June meeting, which showed
policymakers were increasingly split on the inflation outlook
and how it might affect the pace of rate increases.

Oil prices fell more than 1 percent with U.S. crude futures
dipping below $45 per barrel as news of a rise in U.S.
production added to earlier reports that OPEC output was also on
the rise.
“Markets are mixed, bit more on the negative side. I think
for now we are still in the risk-off mood. We do not really want
any surprises from the U.S. Fed and this (market movement) is
because of the Fed,” said Mikey Macainag, an analyst with
Sunsecurities Inc.
Malaysia, one of the biggest oil and natural gas
exporters in Asia, closed 0.6 percent lower as weaker crude oil
prices overshadowed positive May exports data.
The index is down 0.2 percent for the week, its third
straight week of losses.
Focus has now shifted to Germany where leaders from the
world’s top economies are preparing for tough talks with U.S.
President Donald Trump on climate change and trade on Friday
during a Group of 20 summit.
“Traders were also wary about the upcoming G20 meeting where
a clash of ‘ideals’ was expected given the ‘egoistic’ nature of
President Trump and his recent frosty meeting with German
chancellor Angela Merkel.” NetResearch Asia said in a note.
In other Southeast Asian markets, Indonesia ended
0.6 percent lower with Unilever Indonesia Tbk dragging
the index down.
Vietnam closed the session 0.8 percent lower as
financial and consumer shares declined.
Vietnam drifted lower for the week, snapping four-straight
weeks of gains.
Bucking the trend, Singapore shares closed the day
marginally higher as DBS Group Holdings and
Oversea-Chinese Banking Corp gained 0.4 percent each.

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Change on the day
Market Current Previous Close Pct Move
Singapore 3229.01 3226.34 0.08
Bangkok 1569.44 1569.64 -0.01
Manila 7889.33 7888.31 0.01
Jakarta 5814.793 5849.575 -0.59
Kuala Lumpur 1759.93 1770.53 -0.60
Ho Chi Minh 775.73 782.65 -0.88

Change on year
Market Current End 2016 Pct Move
Singapore 3229.01 2880.76 12.09
Bangkok 1569.44 1542.94 1.72
Manila 7889.33 6840.64 15.33
Jakarta 5814.793 5296.711 9.78
Kuala Lumpur 1759.93 1641.73 7.20
Ho Chi Minh 775.73 664.87 16.67

(Reporting by Chandini Monnappa; Editing by Vyas Mohan)

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