By Chris Thomas
May 30 Singapore shares fell to their lowest in
nearly two weeks on Tuesday, dragged down by financials, while
other Southeast Asian markets were lukewarm in thin trade with
several markets closed for holidays.
Concerns about a Greek bailout, early Italian elections and
comments by the European Central Bank chief about the need for
continued stimulus sapped risk appetite, weighed on Asian stocks
and lifted safe-haven demand.
"We (Southeast Asia) lack a fresh catalyst, but starting
tomorrow markets may be more active because we're going to see
major economic data - like the Chinese PMI to be released
tomorrow morning," said Rakpong Chaisuparakul, a strategist with
KGI Securities (Thailand).
Factory activity in China likely expanded at its slowest
pace in eight months in May, a Reuters poll showed, as previous
stimulus fades and policymakers focus on tackling rising debt -
a sign the cooldown in manufacturing will persist through
Singapore shares extended falls into a third session,
with United Overseas Bank (UOB) hitting a near
two-week low after the central bank penalised it for breaches of
anti-money laundering rules for transactions related to
Malaysia's scandal-ridden state fund 1MDB.
Singapore's top lenders DBS Group Holdings and
Oversea-Chinese Banking Corp fell nearly 0.9 percent
and 0.8 percent, respectively.
Indonesian shares rose as much as 0.3 percent with
mining contractor PT United Tractors Tbk hitting a
An index of Indonesia's 45 most liquid stocks
gained as much as 0.3 percent.
Thai stocks eked out marginal gains, boosted by
industrials, while Philippine shares dropped 0.2 percent,
pulled down by real estate stocks.
Ayala Land fell as much as 1.4 percent, while SM
Prime Holdings dropped 0.5 percent after hitting a
record high in the previous session.
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0448 GMT
Market Current Previous Close Pct Move
Singapore 3201.99 3214.55 -0.39
Bangkok 1569.67 1568.17 0.10
Manila 7870.04 7886.03 -0.20
Jakarta 5728.329 5712.331 0.28
Kuala Lumpur 1764.22 1764.89 -0.04
Ho Chi Minh 742.45 746.25 -0.51
Change on year
Market Current End 2016 Pct Move
Singapore 3201.99 2880.76 11.15
Bangkok 1569.67 1542.94 1.73
Manila 7870.04 6840.64 15.05
Jakarta 5728.329 5296.711 8.15
Kuala Lumpur 1764.22 1641.73 7.46
Ho Chi Minh 742.45 664.87 11.67
(Reporting by Chris Thomas; Additional reporting by Christina
Martin; Editing by Subhranshu Sahu)