By Anusha Ravindranath
Dec 12 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
"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
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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
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