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SE Asia Stocks-Flat to lower as commodity prices drop; Philippines extends gains
May 5, 2017 / 5:01 AM / 5 months ago

SE Asia Stocks-Flat to lower as commodity prices drop; Philippines extends gains

    By Christina Martin
    May 5 (Reuters) - Most Southeast Asian stock markets were
flat to lower on Friday as an overnight decline in commodity
prices raised concerns about the health of the global economy,
while the Philippines extended gains on positive inflation data.
    Chinese iron ore futures fell nearly 7 percent in
opening trades, and copper held near four-month lows, following
its biggest one-day drop in 20 months in the previous session.

    Oil prices fell further on Friday to be mired at five-month
lows after tumbling in the previous session, as concerns about
global oversupply wiped out all of the price gains since OPEC's
move to cut output.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell 0.5 percent, trading at their lowest since
April 25.
    The markets are "mainly focusing on slump in the overnight
commodity prices, especially oil. There's really a lack of faith
with OPEC production cuts. Investors are losing faith that such
measures could actually lead to stabilization in prices," said
Victor Felix, equity analyst, AB Capital Securities.
    However, Philippine shares extended gains to hit
their highest in more than eight months, buoyed by industrials,
real estate and financials. 
    "This morning, the inflation data was released. We are
within the target of the central bank and we didn't have a
higher-than-expected inflation figure, so I think the market
reacted positively to that," said Felix.
    The annual rate of consumer price inflation in Philippines
was unchanged at 3.4 percent in April, slightly below
economists' forecast for an increase to 3.5 percent, and within
the central bank's 3.0-3.8 percent projection for the month.

    Singapore shares were on track to post their second
session of losses, dragged by industrials and financials.
    Jardine Matheson Holdings hit a two-week low,
while DBS Group Holdings slid as much as 0.9 percent. 
    Indonesia remained unchanged after the release of
first-quarter GDP data earlier in the day. Southeast Asia's
largest economy grew 5.01 percent in January-March on an annual
basis.
    Thai shares slipped, while Malaysia posted
marginal gains as data showed March exports surged 24.1 percent
from a year earlier, beating forecasts.
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change at 0449 GMT
    
  Market           Current       Previous Close  Pct Move
  Singapore        3216.4        3228.62         -0.38
  Bangkok          1565.04       1573.05         -0.51
  Manila           7885.1        7755.75         1.67
  Jakarta          5682.256      5669.443        0.23
  Kuala Lumpur     1762.44       1758.67         0.21
  Ho Chi Minh      720.45        722.02          -0.22
                                                 
  Change on year                                 
  Market           Current       End 2016        Pct Move
  Singapore        3216.4        2880.76         11.65
  Bangkok          1565.04       1542.94         1.43
  Manila           7885.1        6840.64         15.27
  Jakarta          5682.256      5296.711        7.28
  Kuala Lumpur     1762.44       1641.73         7.35
  Ho Chi Minh      720.45        664.87          8.36
 
 (Reporting by  Christina Martin; Editing by Sherry
Jacob-Phillips)
  

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