March 9 Singapore stocks dropped nearly 1
percent on Thursday led by financial stocks while other markets
in the region were tepid with investors cautious ahead of the
U.S. Federal Reserve meeting next week.
The Singapore index fell as much as 0.84 percent
during the day with DBS Group, the city-state's
largest bank by market capitalisation, posting its worst
percentage drop in over three weeks.
Trading volumes were low, as investors remained wary of a
possible rate hike at the upcoming Fed meeting.
"The ADP (employment) numbers from U.S. yesterday were very
strong," said Liu Jinshu, director of research at NRA
Securities. "There are fears that not only will the Fed hike
interest rates in March, but they may even hike the trajectory
U.S. private sector job growth recorded its biggest increase
in more than a year in February amid a surge in construction and
"Basically, people are concerned that the Fed may be more
hawkish than previously expected," added Jinshu.
MSCI's broadest index of Asia-Pacific shares outside Japan
slipped 0.87 percent as at 0517 GMT.
The Thailand index fell nearly half a percent, with
energy stocks losing ground. Oil and gas supplier PTT PCL
fell as much as 1.5 percent, while refiner Thai Oil PCL
shed as much as 1.3 percent.
The Philippine index rose marginally. Industrials
were the biggest gainers, with SM Investments Corp
rising as much as 1.22 percent while telecommunications provider
PLDT Inc hit a near 2-month high.
Indonesia was flat, with the index of the 45 most
liquid stocks reflecting the subdued sentiment in the
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0434 GMT
Market Current Previous Pct Move
Singapore 3123.04 3145.29 -0.71
Bangkok 1546.77 1551.73 -0.32
Manila 7309.65 7294.56 0.21
Jakarta 5395.701 5393.764 0.04
Kuala Lumpur 1722.66 1725.54 -0.17
Ho Chi Minh 717.59 716.6 0.14
Change on year
Market Current End 2016 Pct Move
Singapore 3123.04 2880.76 8.07
Bangkok 1546.77 1542.94 0.25
Manila 7309.65 6840.64 6.63
Jakarta 5395.701 5296.711 1.85
Kuala Lumpur 1722.66 1641.73 4.81
Ho Chi Minh 717.59 664.87 7.63
(Reporting by Ambar Warrick; Editing by Sunil Nair)