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7 months ago
SE Asia Stocks-Fall as investors turn away from risk assets ahead of Fed
December 12, 2016 / 5:18 AM / 7 months ago

SE Asia Stocks-Fall as investors turn away from risk assets ahead of Fed

3 Min Read

By Anusha Ravindranath
    Dec 12 (Reuters) - Southeast Asian stock markets fell on
Monday, with the Philippines shedding more than 1.5 percent, as
investors were risk-averse ahead of a widely expected rate hike
by the U.S. Federal Reserve later this week. 
    The possibility of a rate hike has been almost fully priced
in by markets, and the focus would be now on whether the U.S.
central bank hints of further monetary tightening in 2017.
    "I think it is risk-off ahead of Tuesday's Fed meeting,"
said Victor Felix, an analyst with AB Capital Securities in
Manila.  
    "The news about the production cut seems to be immaterial,"
he said referring to a decision by OPEC and non-OPEC producers
to curb oil output in their first deal since 2001. 
 
    Brent crude futures soared to $57.89 per barrel in
overnight trading between Sunday and Monday, the highest level
since July 2015.
    Philippine shares declined as much as 1.6 percent in
their worst fall in nearly three weeks. Financial and consumer
non-cyclical stocks were the major losers with Ayala Land Inc
 being the worst performer, shedding 4.9 percent.
    Singapore shares fell as much as 0.6 percent to a
one-week low, hit by consumer services and industrial stocks 
while oil and gas stocks rose.
    Among the top losers, transport operator Comfortdelgro Corp
Ltd shed 1.92 percent, while rig builder Keppel Corp
 gained 4.2 percent.
    Vietnam was marginally lower with financials and
consumer cyclicals among the major losers. 
    Markets in Indonesia, Malaysia and Thailand were closed for
a holiday.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change at 0442 GMT
   
  Market            Current      Prev close  Pct Move
  Singapore         2941.28      2956.13     -0.50
  Manila            6930.21      7043.16     -1.60
  Ho Chi Minh       661.48       663.07      -0.24
                                             
  Change so far                              
 this year                                   
  Market            Current      End 2015    Pct Move
  Singapore         2941.28      2882.73     2.03
  Manila            6930.21      6952.08     -0.31
  Ho Chi Minh       661.48       579.03      14.24
 
 (Reporting by Anusha Ravindranath in Bengaluru; Editing by
Subhranshu Sahu)

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