By Geo Tharappel
Feb 14 Southeast Asian stock markets fell on
Tuesday as a stronger dollar weighed on sentiment while
investors awaited the congressional testimony by U.S. Federal
Reserve Chair Janet Yellen for clues on the pace of interest
The dollar index, which measures the greenback
against six other currencies, was flat near a three-week high
hit on Monday.
"The uptick in the dollar yesterday is acting negatively for
regional markets," said Mikey Macainag, an analyst with
Manila-based Sunsecurities Inc.
Yellen will present the U.S. central bank's semi-annual
report on monetary policy and the economy in testimony to the
Senate Banking Committee on Tuesday, followed by the semi-annual
monetary testimony before the House Financial Committee on
Singapore shares fell as much as 1.2 percent in their
biggest percentage loss in three months, dragged down by
financials. They had hit an 18-month top in the previous
Oversea-Chinese Banking Corp Ltd posted its
biggest intraday percentage drop in more than six months,
shedding up to 3.2 percent, after the city-state's
second-biggest lender reported an 18 percent slump in its
fourth-quarter profit on bad debt charges.
Top lender DBS Group Holdings Ltd, which is
expected to report earnings later in the week, fell as much as
2.9 percent, its biggest percentage fall since July 29, 2016.
Exposure to the stressed oil services sector and slowing
loan growth due to slack regional trade are clouding prospects
for the country's lenders.
Philippine shares slumped 1 percent after the
previous session's gains, hurt by falls in industrial and real
"It is also time for a correction... Yesterday we tried to
test the 7,300 level which we think is the resistance for now,"
Property developer SM Prime Holdings Inc declined
as much as 2.3 percent. International Container Terminal
Services Inc fell up to 4.8 percent to its lowest in
nearly four weeks after the company said an agreement to operate
a port in Brunei would not be renewed.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: Change at 0440 GMT
Market Current prev close Pct Move
Singapore 3078.84 3111.63 -1.05
Bangkok 1580.87 1585.24 -0.28
Manila 7229.85 7294.67 -0.89
Jakarta 5397.858 5409.556 -0.22
Kuala Lumpur 1707.16 1710.24 -0.18
Ho Chi Minh 705.81 705.9 -0.01
Change this year
Market Current End 2016 Pct Move
Singapore 3078.84 2880.76 6.88
Bangkok 1580.87 1542.94 2.46
Manila 7229.85 6840.64 5.69
Jakarta 5397.858 5296.711 1.91
Kuala Lumpur 1707.16 1641.73 3.99
Ho Chi Minh 705.81 664.87 6.16
(Reporting by Geo Tharappel in Bengaluru; Editing by Subhranshu