By Shashwat Pradhan
Dec 23 Most Southeast Asian stock markets fell
in thin trade on Friday as Wall Street took a breather from its
surge since the U.S. presidential election on the back of
declines in retail stocks.
U.S. equities posted their first back-to-back daily declines
of the month in light trading as investors took time out ahead
of the Christmas weekend.
Retail stocks on Wall Street fell after CNN reported
President-elect Donald Trump's transition team is considering a
tariff of as much as 10 percent on imports.
Declines in Wall Street are probably affecting the markets,
said Mikey Macainag, an analyst with Manila-based Sunsecurities
"Dow Jones right now is nearing the 20,000 resistance. I
think it is going to take a while before they break 20,000. That
is why it is correcting."
Sentiment was also affected by oil prices which slipped in
thin Asian trade, eroding some of the gains in the previous
session as traders took profits.
Philippine shares fell for a second straight session,
dragged down by real estate and telecom stocks, and posted a
weekly drop of 4.2 percent, their biggest since January.
Conglomerate Metro Pacific Investments Corp was
among the biggest percentage losers on Friday, falling 3.1
Malaysia ended weaker for a third straight session,
hurt by utilities, consumer staples and industrials.
Malaysian palm oil futures fell as much as 2 percent and hit
their lowest in four weeks, tracking declines in rival oils on
the Dalian Commodity Exchange.
Indonesian shares fell for a ninth consecutive
session in their longest losing streak since August 2005, and
recorded a weekly decline of 3.9 percent, the biggest since
Indonesia's central bank expects economic growth to slow in
the final quarter of 2016 to around 4.97 percent, Senior Deputy
Governor Mirza Adityaswara told reporters, from 5.02 percent in
the third quarter.
Bucking the trend, Thailand snapped four sessions of
losses after the central bank governor said the country's
economy may expand more than the bank's forecast of 3.2 percent
due to government spending and improved exports.
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SOUTHEAST ASIAN STOCK MARKETS:
Change on day
Market Current previous close Pct Move
Singapore 2871.05 2882.04 -0.38
Bangkok 1509.98 1504.12 0.39
Manila 6563.67 6587.17 -0.36
Jakarta 5027.704 5042.87 -0.30
Kuala Lumpur 1617.15 1623.2 -0.37
Ho Chi Minh 664.37 664.15 0.03
Change so far this year
Market Current End prev yr Pct Move
Singapore 2871.05 2882.73 -0.41
Bangkok 1509.98 1288.02 17.23
Manila 6563.67 6952.08 -5.59
Jakarta 5027.704 4593.008 9.46
Kuala Lumpur 1617.15 1692.51 -4.45
Ho Chi Minh 664.37 579.03 14.74
(Reporting by Shashwat Pradhan; Additional reporting by Anusha
Ravindranath in Bengaluru; Editing by Subhranshu Sahu)