December 22, 2016 / 4:26 AM / 7 months ago

SE Asia Stocks-Philippines hits over 10-mth low ahead of cenbank meeting

3 Min Read

By Anusha Ravindranath
    Dec 22 (Reuters) - Southeast Asian stock markets were
subdued on Thursday, tracking Asian peers, with the Philippines
hitting its lowest in more than 10 months as investors switched
to a risk-off mode ahead of a key central bank meeting.
    The Philippine central bank is widely expected to keep its
benchmark interest rate on hold on Thursday. All 13 economists
polled by Reuters said they expect no change in the central
bank's key overnight borrowing rate while some of them expect it
to raise rates as early as in the first half of 2017. 
 
    "Investors are probably taking a risk-off strategy," said
Mikey Macainag, an analyst with Manila-based Sunsecurities Inc,
adding the market had seen heavy capital outflows over the past
few days on the back of a stronger dollar and a weakening peso.
 
    The dollar retreated from its 14-year-high on Thursday as
investors took profits before a batch of U.S. economic data due
later in the day. 
    The Philippine index fell as much as 1.77 percent to
its lowest since February, weighed down by financial and
industrial stocks. BDO Unibank Inc dropped 1.7 percent
while Metropolitan Bank and Trust Co fell 2.8 percent. 
    Asian shares also struggled following an uninspiring session
on Wall Street, with MSCI's broadest index of Asia-Pacific
shares outside Japan hitting its lowest in a
month. 
    Singapore shares hit their lowest in more than three
weeks and were headed for a fourth straight session of declines,
pulled down by financial and industrial stocks. DBS Group
Holdings Ltd declined as much as 1.5 percent, while
United Overseas Bank hit a more than two-week low.
    Malaysian shares slipped to their lowest in more
than two weeks as telecoms and financials lost ground, while 
Jakarta fell for an eighth straight session, dragged
down by financial and consumer stocks.   

For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change at 0356 GMT
  Market           Current       previous     Pct Move
                                 close        
  Singapore        2877.31       2901.7       -0.84
  Bangkok          1507.69       1508.57      -0.06
  Manila           6578.11       6686.36      -1.62
  Jakarta          5097.967      5111.392     -0.26
  Kuala Lumpur     1626.94       1629.59      -0.16
  Ho Chi Minh      666.89        666.94       -0.01
                                              
 Change so far                                
 this year                                    
  Market           Current       End 2015     Pct Move
  Singapore        2877.31       2882.73      -0.19
  Bangkok          1507.69       1288.02      17.05
  Manila           6578.11       6952.08      -5.38
  Jakarta          5097.967      4593.008     10.99
  Kuala Lumpur     1626.94       1692.51      -3.87
  Ho Chi Minh      666.89        579.03       15.17
 
 (Reporting by Anusha Ravindranath in Bengaluru; Editing by
Subhranshu Sahu)

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