March 27, 2017 / 5:20 AM / 4 months ago

SE Asia Stocks-Subdued on Trump healthcare defeat

3 Min Read

    By Sindhu Chandrasekaran
    March 27 (Reuters) - Most Southeast Asian stock markets were
cautious on Monday, in line with Asia, as a failure by U.S.
President Donald Trump in getting a crucial healthcare bill
passed raised concerns about  his plans of using fiscal stimulus
to boost economic growth.
    Trump witnessed a stunning political setback on Friday, when
Republican leaders pulled legislation to overhaul the U.S.
healthcare system, a major 2016 election campaign promise of the
president and his allies.
    The defeat of Trump's first major legislative initiative
since taking office on Jan. 20 not only raises concerns about
his ability to get other key parts of his agenda, including tax
cuts and a boost in infrastructure spending, through Congress,
but also the Republican Party's capacity to govern effectively.

    "The failure of the Trump government - the push for their
own healthcare - has resulted in mixed results in the regional
markets today," said Manny Cruz, an analyst with the
Manila-based Asiasec Equities Inc.
    "So, we (investors) are waiting for some developments before
moving back to these markets." 
    In Singapore, shares fell as much as 1 percent to
their lowest since March 10, with industrials leading the
losses.
    Jardine Cycle & Carriage Ltd shed 1.8 percent, the
biggest percentage loser on the index.
    The Philippine index fell 0.4 percent, as financial
stocks weighed. Metropolitan Bank & Trust Company fell
3 percent.
    Indonesia shed 0.3 percent, with financials
accounting for more than half the losses on the index. 
    Vietnam hit a fresh more than nine-year high, with
HUD1 Investment and Construction Joint Stock Company
the biggest percentage gainer on the index.
    In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan fell as much as 0.2 percent.
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS : Change at 0440
    
 Market           Current      previous    Pct Move
                               close       
 Singapore        3125.81      3142.9      -0.54
 Bangkok          1571.51      1573.51     -0.13
 Manila           7238.66      7269.62     -0.43
 Jakarta          5549.619     5567.134    -0.31
 Kuala Lumpur     1749.24      1745.75     0.20
 Ho Chi Minh      725.07       722.14      0.41
                                            
 Change on year                             
 Market           Current      End 2016    Pct Move
 Singapore        3125.81      2880.76     8.51
 Bangkok          1571.51      1542.94     1.85
 Manila           7238.66      6840.64     5.8
 Jakarta          5549.619     5296.711    4.77
 Kuala Lumpur     1749.24      1641.73     6.55
 Ho Chi Minh      725.07       664.87      9.1
 
    


 (Reporting by Sindhu Chandrasekaran; Additional reporting by
Urvashi Goenka; Editing by Biju Dwarakanath)
  

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