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7 months ago
SE Asia Stocks-Largely up ahead of Trump speech; Philippines comes off 2-1/2-mth high
January 11, 2017 / 5:22 AM / 7 months ago

SE Asia Stocks-Largely up ahead of Trump speech; Philippines comes off 2-1/2-mth high

By Sandhya Sampath
    Jan 11 (Reuters) - Southeast Asian stock markets edged up on
Wednesday, tracking gains in Asian peers, as investors looked to
U.S. President-elect Donald Trump's news conference later in the
day for clues on his policies.
    While Trump's plan for tax cuts and infrastructure spending
has boosted U.S. shares and the dollar, his protectionist
statements during the months-long election campaign have kept
many investors on edge. 
    "We are vulnerable to Trump's protectionist policies, so I
think investors will be closely watching that," said Victor
Felix, an analyst with AB Capital Securities, adding that
foreign buying was back after significant outflows over the past
two-three months. 
    Philippine shares fell after hitting a
two-and-a-half-month high earlier and were headed for their
first decline in seven sessions as investors chose to book
profits. 
    The market has rallied a lot and too fast, so "investors are
taking profits right now, letting it cool off", said Felix. 
    "Foreign investors see that the Philippines will be able to
weather whatever protectionist policies Trump might have, mainly
because of the strong GDP growth rate."
    Financials and utilities led the decline with property
developer SM Prime Holdings Inc and Metro Pacific
Investments Corp shedding 0.6 percent and 2.1 percent,
respectively. 
    Singapore shares were 0.3 percent higher, extending
gains into a seventh session. 
    Telecommunication services providers were the top performers
followed by consumer goods. Singtel rose as much as
1.6 percent and was headed for a sixth consecutive session of
gains.
     
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change at 0432 GMT        
  Market              Current     previous close   Pct Move
  Singapore           3016.04     3006.02          0.32
  Bangkok             1577.57     1572.10          0.38
  Manila              7347.15     7364.34          -0.23
  Jakarta             5317.442    5309.924         0.11
  Kuala Lumpur        1674.21     1672.05          0.13
  Ho Chi Minh         683.52      681.07           0.37
                                                   
  Change this year                                 
  Market              Current     End 2016         Pct Move
  Singapore           3016.04     2882.76          4.6
  Bangkok             1577.57     1542.94          2.2
  Manila              7347.15     6840.64          7.4
  Jakarta             5317.442    5296.711         0.4
  Kuala Lumpur        1674.21     1641.73          2.0
  Ho Chi Minh         683.52      664.87           2.8
 
 (Reporting by Sandhya Sampath; Additional reporting by Susan
Mathew; Editing by Subhranshu Sahu)

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