By Krishna V Kurup
Dec 16 Most Southeast Asian stock markets were
on the defensive on Friday, as a surging dollar and elevated
U.S. bond yields raised the likelihood of fund outflows from
emerging markets, while Vietnam shares continued their
upward trend for a third session.
The dollar held on to its hefty gains against a basket of
currencies after the U.S. Federal Reserve on Wednesday signalled
a faster pace of rate hikes in 2017.
The dollar index climbed to a 14-year high, while the
10-year Treasury note yield rose above 2.6 percent
on Thursday to its highest since September 2014.
Global markets are on an "inflation rally" and emerging
markets "have run ahead of themselves, so a short-term shallow
retracement is expected in the next four weeks," brokerage
Baillieu Holst said in a note.
Indonesian shares ended 0.4 percent lower, hurt by
consumer and telecom stocks, and posted a weekly loss of 1.4
Cocoa bean exports from the world's third largest producer
of the chocolate ingredient are expected to fall by as much as
29 percent this year.
PT Indofood Sukses Makmur Tbk fell 2.8 percent,
while Telekom Indonesia declined 2.3 percent.
Philippine shares finished flat after gains in real
estate and telecom sectors were outweighed by losses in
Metro Pacific Investments Corp dropped 4.6 percent,
while SM Prime Holdings rose 3 percent.
The Philippine stock index shed 2.7 percent this week.
Vietnamese shares ended 1.4 percent higher with
Saigon Beer Alcohol Beverage Corp and Vietnam Dairy
Products JSC leading the gains.
The gains will continue next week, and the stock index would
reach 680 level due to muted foreign selling, said Bui Nguyen
Khoa, a senior analyst with Hanoi-based BIDV Securities Co.
Vietnamese shares recorded a weekly gain of 1.8 percent.
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
Market Current Prev close Pct Move
Singapore 2937.86 2930.77 0.24
Bangkok 1522.51 1519.65 0.19
Manila 6850.71 6855.31 -0.07
Jakarta 5231.652 5254.362 -0.43
Kuala Lumpur 1637.79 1636.99 0.05
Ho Chi Minh 675.16 665.92 1.39
Change on year
Market Current End 2015 Pct Move
Singapore 2937.86 2882.73 1.91
Bangkok 1522.51 1288.02 18.21
Manila 6850.71 6952.08 -1.46
Jakarta 5231.652 4593.008 13.90
Kuala Lumpur 1637.79 1692.51 -3.23
Ho Chi Minh 675.16 579.03 16.60
(Reporting by Krishna V Kurup in Bengaluru; Editing by