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SE Asia Stocks-Philippines falls most in three months; Singapore up
March 10, 2017 / 10:54 AM / 5 months ago

SE Asia Stocks-Philippines falls most in three months; Singapore up

    By Krishna V Kurup
    March 10 (Reuters) - Philippine shares fell 2 percent on
Friday in their steepest drop in three months, dragged down by
industrials, while Singapore climbed 0.5 percent on the back of
gains in real-estate stocks, after the city-state lowered stamp
duties on sale of residential properties.
    Industrials accounted for more than half of the fall in the
Philippines, with SM Investments Corp shedding 9.2
percent and JG Summit Holdings Inc declining 2.4
percent.
    Fund managers realigned their portfolios to reflect the
rebalancing of the PSEi index by Monday, said April Lee-Tan,
head of research department at COL Financial Group.
    For the week, the index lost 1.4 percent in its second
straight weekly decline. 
    Singapore's Straits Times Index recovered from early
falls to gain as much as 0.9 percent after news that the
city-state eased property curbs slightly. 
    The government 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.
    CapitaLand Ltd and City Developments Ltd
rose 3.6 percent and 5.6 percent, respectively.
    For the week, the stock index gained 0.4 percent in its
fifth consecutive weekly gain.    
    Most other regional markets fell ahead of the
closely-watched U.S. non-farm payrolls report due later in the
day.
    The U.S. employment report is drawing particular interest as
any improvement would underline the U.S. economy's strength,
paving the way for more interest rate hikes this year.

    "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."
    Thai shares ended 0.6 percent lower, dragged down by
financials and materials, and posted a fall of 1.7 percent for
the week. Group Lease PCL finished nearly 30 percent
lower, while Siam Cement PCL declined 2.2 percent.
    Vietnam shares lost 0.5 percent, with consumer
staples and financials leading the fall. Saigon Beer Alcohol
Beverage Corp and Petrovietnam Gas were the
top drags.

       For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Changes on day
  Market           Current       Prev Close   Pct Move
  Singapore        3133.35       3118.84      0.47
  Bangkok          1539.91       1549.24      -0.60
  Manila           7146.27       7295.45      -2.04
  Jakarta          5390.677      5402.386     -0.22
  Kuala Lumpur     1717.58       1717.42      0.01
  Ho Chi Minh      712.21        715.8        -0.50
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3133.35       2880.76      8.77
  Bangkok          1539.91       1542.94      -0.20
  Manila           7146.27       6840.64      4.5
  Jakarta          5390.677      5296.711     1.77
  Kuala Lumpur     1717.58       1641.73      4.62
  Ho Chi Minh      712.21        664.87       7.1
 

 (Reporting by Krishna V Kurup; Editing by Subhranshu Sahu)
  

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