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SE Asia Stocks-Muted as oil outlook bleak; S'pore, Philippines log 2nd losing week
June 23, 2017 / 10:24 AM / 2 months ago

SE Asia Stocks-Muted as oil outlook bleak; S'pore, Philippines log 2nd losing week

    By Nicole Pinto
    June 23 (Reuters) - Southeast Asian stock markets were subdued on Friday as
oil remained on course for its worst first-half decline in almost two decades,
with Singapore and the Philippines edging down in the session, posting their
second straight week of losses. 
    Oil prices edged up on Friday, but remained on course for their worst
first-half decline in almost two decades as production cuts have failed to
sufficiently reduce oversupply.
    Oil has plunged about 20 percent this year, despite the OPEC's efforts to
cut production, which investors believe has failed to rein in the global glut. 
    "There are expectations that oil prices will continue to retreat in the near
term," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc.
    Singapore shares ended 0.2 percent lower, paring some of their
earlier losses after data showed Singapore's industrial production grew for the
10th consecutive month in May from a year earlier, helped by strong electronics
output. On the week, Singapore lost 0.7 percent.
    The city-state's core inflation gauge in May rose 1.6 percent from a year
earlier, matching the median forecast in a Reuters poll.
    Global Logistic Properties lost 5.3 percent, while Oversea-Chinese
Banking Corp gained 0.7 percent. 
    Philippine shares lost 0.6 percent and ended the week down nearly 1
percent, with heavyweight SM Prime Holdings falling 2.5 percent. 
    The Philippine government posted a budget deficit of 33.4 billion pesos
($664 million) in May, wider than the 17.7 billion pesos deficit a year
earlier.
    Malaysian shares edged up 0.1 percent in the session, with Genting
Malaysia advancing 4.9 percent, but the market fell 0.7 percent over
the week, ending a four-week winning run. 
    Indonesia's financial markets were closed on Friday and will remain shut
throughout next week on account of public holidays.
    Singapore, Malaysia and Philippines will also be closed on Monday. 
    
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SOUTHEAST ASIAN STOCK MARKETS:
  Change on the                                    
 day                                       
  Market          Current      Previous    Pct Move
                               Close       
  Singapore       3209.18      3215.55     -0.20
  Bangkok         1582.78      1580.91     0.09
  Manila          7814.17      7858.34     -0.56
  Kuala Lumpur    1779.45      1777.43     0.11
 Ho Chi Minh      769.01       766.3       0.35
                                           
  Change so far                            
 this year                                 
  Market          Current      End 2016    Pct Move
  Singapore       3209.18      2880.76     11.40
  Bangkok         1582.78      1542.94     2.55
  Manila          7814.17      6840.64     14.2
  Kuala Lumpur    1779.45      1641.73     8.39
 Ho Chi Minh      769.01       664.87      15.7
 


 (Reporting by Nicole Pinto; Editing by Amrutha Gayathri)
  

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