By Chris Thomas
July 10 (Reuters) – Most Southeast Asian stock markets edged
lower on Monday in lacklustre trade, in the absence of immediate
catalysts, but Singapore rose after Wall Street closed on a high
note last week.
On a broader scale, there may be lingering rebalancing flows
away from emerging market yield plays after the recent slew of
rhetoric from central banks, said Emmanuel Ng, a strategist at
OCBC Bank, Singapore.
Philippine shares fell as much as 0.5 percent,
weighed down by a 2.6 percent decline in index heavyweight PLDT
Inc, which hit its lowest in nearly six weeks. PLDT was
headed for its fourth straight session of losses.
MSCI’s broadest index of Asia-Pacific shares outside Japan
gained 0.5 percent on Monday, after U.S. stocks
climbed in the previous session on the heels of a payrolls
report that gave investors more confidence in the strength of
the U.S. economy.
Singapore rose as much as 0.6 percent, lifted by
financial stocks, with DBS Holdings and
Oversea-Chinese Banking Corp Ltd gaining as much as
1.1 percent and 0.9 percent, respectively.
Malaysian shares declined as much as 0.3 percent to
its lowest in more than two months. Petronas Chemicals Group
was the biggest drag on the index, falling as much as
2.4 percent to a six-month low, while Genting Bhd fell
Indonesia fell 0.3 percent to a near three-week low
after trading on the main index was delayed by an hour due to a
Vietnam fell 0.8 percent to its lowest since June 28,
led by energy and financial stocks.
Thailand was closed for a holiday.
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0536 GMT
Change on day
Market Current Previous Close Pct Move
Singapore 3242.56 3229.01 0.42
Manila 7861.21 7889.33 -0.36
Jakarta 5799.393 5814.793 -0.26
Kuala Lumpur 1756.82 1759.93 -0.18
Ho Chi Minh 771.02 775.73 -0.61
Change on year
Market Current End 2016 Pct Move
Singapore 3242.56 2880.76 12.56
Manila 7861.21 6840.64 14.92
Jakarta 5799.393 5296.711 9.49
Kuala Lumpur 1756.82 1641.73 7.01
Ho Chi Minh 771.02 664.87 15.97
(Reporting by Chris Thomas; Editing by Amrutha Gayathri)