February 27, 2017 / 5:36 AM / 5 months ago

SE Asia Stocks-Cautious ahead of Trump speech

4 Min Read

    By Susan Mathew
    Feb 27 (Reuters) - Southeast Asian stock markets moved
sideways on Monday, in line with Asian peers ahead of U.S.
President Donald Trump's speech to a joint session of Congress
on Tuesday night, where he is expected to unveil some elements
of his plans to cut taxes.
    Trump would use the speech to disclose some elements of his
sweeping plans to cut taxes for the middle class, simplify the
tax system and make American companies more globally competitive
with lower rates and changes to encourage manufacturing,
Treasury Secretary Steven Mnuchin said in an interview broadcast
on Sunday.
    Investors will also be looking for details on how Trump
would like to overhaul former president Barack Obama's signature
healthcare law.
    "Well what is affecting the market is how Trump will address
the Congress and I guess Fed Chairman Janet Yellen will also
speak in the Congress," said Manny Cruz, chief strategist at
Asiasec Equities Inc.
    "So, there is a lot of tension in the market at this point.
If you look at the broad regional market, it is simply moving
sideways."
    Yellen is also scheduled to deliver a speech on economic
outlook on Friday.
    Investors will also be looking out for a slew of economic
data on the region as well as globally this week.    
    Thai shares dropped 0.4 percent in what could be
their third straight session of falls with basic materials
leading the decline.
    The Thai steel index was down 3.3 percent with
Permsin Steel Works Pcl and Asia Metals
shedding more than 12 percent each.
    Thailand's custom-based exports rose 8.8 percent in January,
compared with a forecast of 9.85 percent in a Reuters poll, and
imports rose 5.2 percent against expectations of 11.9 percent.

    Singapore shares were down 0.3 percent as consumer
and industrial stocks lost ground. Golden Agri-Resources Ltd
 fell as much as 3.75 percent to its lowest in more
than three months, while Jardine Matheson Holdings Ltd
declined up to 1.2 percent.
    Malaysian shares rose 0.2 percent, heading for their
first gain in three sessions. Consumer stocks led gains with  
Kuala Lumpur Kepong Bhd rising 1.3 percent and Genting
Bhd climbing nearly 1 percent.

    
For Asian Companies click;  
SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0453 GMT
    
  Market            Current    Previous Close  Pct Move
  Singapore         3107.89    3117.03         -0.29
  Bangkok           1559.15    1564.59         -0.35
  Manila            7262.86    7258.99         0.05
  Jakarta           5373.8     5385.906        -0.22
  Kuala Lumpur      1702.03    1698.35         0.22
  Ho Chi Minh       714.95     714.47          0.07
                                               
  Change on year                               
  Market            Current    End 2016        Pct Move
  Singapore         3107.89    2880.76         7.88
  Bangkok           1559.15    1542.94         1.05
  Manila            7262.86    6840.64         6.2
  Jakarta           5373.8     5296.711        1.46
  Kuala Lumpur      1702.03    1641.73         3.67
  Ho Chi Minh       714.95     664.87          7.5
 
 (Reporting by Susan Mathew in Bengaluru; Additional reporting
by Sandhya Sampath; Editing by Subhranshu Sahu)
  

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