December 23, 2016 / 10:06 AM / 7 months ago

SE Asia Stocks-Muted ahead of Christmas weekend

4 Min Read

By Shashwat Pradhan
    Dec 23 (Reuters) - 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
Inc.
    "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
percent.
    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
October 2015.
    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:
 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)

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