March 10 Singapore shares rose nearly 1 percent
on Friday, led by real-estate stocks after the city-state
lowered stamp duties on sale of residential properties, while
most other regional markets fell as they braced for a U.S. rate
hike as early as next week.
Singapore cut stamp duties that sellers are required to pay
on residential properties and eased some rules on borrowing
thresholds, in an effort to relax property curbs imposed since
2009 to rein in the market.
The Straits Times Index recovered from early fall and
gained as much as 0.9 percent after the news.
CapitaLand Ltd and City Developments Ltd
rose as much as 6.2 percent and 10.20 percent, respectively, to
their highest levels since May 2015.
Broader Asian markets edged up, with MSCI's broadest index
of Asia-Pacific shares outside Japan rising 0.2
percent, but sentiment in Southeast Asia remained largely
The U.S. employment data due later in the day, are drawing
particular interest as any improvement would underline U.S.
economic strength, paving way for more interest rate hikes this
"Fed hike next week is already a certainty. It would
probably require a disastrous miss in payrolls to change the
market's mind," DBS Group Research said in a note.
"The more interesting aspects lie with the guidance the Fed
is likely to give next week."
A Reuters poll showed the Fed will raise interest rates next
week, with two more hikes likely to follow later this year.
Philippines shares and Thai stocks lost about
0.5 percent each, with financials losing the most.
BDO Unibank Inc shed 2.4 percent and Metropolitan
Bank and Trust Co fell 2 percent.
In Thailand, Group Lease PCL lost 28.5 percent.
Indonesian shares lost 0.34 percent, while the index
of the 45 most liquid stocks fell 0.5 percent.
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SOUTHEAST ASIAN STOCK MARKETS: Changes at 0545 GMT
Market Current prev close Pct Move
Singapore 3135.77 3118.84 0.54
Bangkok 1542.01 1549.24 -0.47
Manila 7256.99 7295.45 -0.53
Jakarta 5384.199 5402.386 -0.34
Kuala Lumpur 1715.43 1717.42 -0.12
Ho Chi Minh 715.94 715.8 0.02
Change on year
Market Current End 2016 Pct Move
Singapore 3135.77 2880.76 8.85
Bangkok 1542.01 1542.94 -0.06
Manila 7256.99 6840.64 6.1
Jakarta 5384.199 5296.711 1.65
Kuala Lumpur 1715.43 1641.73 4.49
Ho Chi Minh 715.94 664.87 7.7
(Reporting by Krishna V Kurup in Bengaluru; Editing by