July 7, 2017 / 5:18 AM / 14 days ago

SE Asia Stocks-Most fall tracking broader Asia after Wall Street slips

3 Min Read

    By Chandini Monnappa
    July 7 (Reuters) - Most southeast Asian stock markets fell
on Friday, tracking broader Asian markets, as U.S. shares fell
sharply overnight after disappointing labor market data clashed
with the possibility of a more hawkish Federal Reserve.
    The softer data comes on the heels of Wednesday's release of
the minutes from the Fed's June meeting, which showed
policymakers were increasingly split on the inflation outlook
and how it might affect the pace of rate increases.
    "Markets are mixed, bit more on the negative side. I think
for now we are still in the risk-off mood. We do not really want
any surprises from the U.S. Fed and this (market movement) is
because of the Fed," said Mikey Macainag, an analyst with
Sunsecurities Inc.
    Meanwhile, developed market bonds were sold off afresh on
Thursday on bets the European Central Bank is inching closer
towards unwinding its massive monetary stimulus.
    The prospect of the ECB turning off the flow of easy money
has been a dominant global market theme since President Mario
Draghi's hawkish comments last week, pushing bond yields higher
and hurting equities.
    Malaysia, one of the biggest oil and natural gas
exporters in Asia, led losses in the region as sentiment was hit
by a fall in oil prices early on Friday.
    Energy major IOI Corporation Bhd fell as much as
3.3 percent, posting its biggest intra-day percentage fall since
Nov. 2016.
    Singapore edged down 0.3 percent, dragged by declines
in financial shares.
    DBS Group Holdings and Oversea-Chinese Banking
Corp fell 0.6 percent each.
    Thai shares dropped 0.1 percent hurt by industrial
stocks like Airports of Thailand, down as much as 1.5
percent.
    Indonesian shares were marginally lower, dragged by
consumer stocks such as Unilever Indonesia Tbk, which
slipped as much as 0.8 percent.
    
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SOUTHEAST ASIAN STOCK MARKETS: Change at 0506 GMT
    
  Change on the day                                      
  Market             Current     Previous Close  Pct Move
  Singapore          3219.02     3226.34         -0.23
  Bangkok            1566.75     1569.64         -0.18
  Manila             7885.44     7888.31         -0.04
  Jakarta            5849.245    5849.575        -0.01
  Kuala Lumpur       1761.56     1770.53         -0.51
  Ho Chi Minh        783.31      782.65          0.08
                                                 
  Change on year                                 
  Market             Current     End of 2016     Pct Move
  Singapore          3219.02     2880.76         11.74
  Bangkok            1566.75     1542.94         1.54
  Manila             7885.44     6840.64         15.27
  Jakarta            5849.245    5296.711        10.43
  Kuala Lumpur       1761.56     1641.73         7.30
  Ho Chi Minh        783.31      664.87          17.81
                                                         
  

 (Reporting by Chandini Monnappa; Editing by Sunil Nair)
  

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