March 27, 2017 / 10:25 AM / in 8 months

SE Asia Stocks-Fall as Trump healthcare defeat spurs tax-cut doubts

    By Sindhu Chandrasekaran
    March 27 (Reuters) - Most Southeast Asian stock markets
ended lower on Monday as U.S. President Donald Trump's defeat on
a crucial healthcare bill fanned concerns about his ability to
push through tax cuts and fiscal spending to boost economic
growth.
    Trump suffered a stunning political setback on Friday in a
Congress controlled by his own party when Republican leaders
pulled legislation to overhaul the healthcare system, a major
2016 election campaign promise of the president and his allies.
 
    His failure to get enough support to "repeal and replace"
the Obamacare health insurance reforms has raised questions
about the Republican Party's capacity to govern effectively. 
    "The failure of the Trump government - the push for their
own healthcare - has resulted in mixed results in the regional
markets today," said Manny Cruz, an analyst with Manila-based
Asiasec Equities Inc.
    "So, we are waiting for some developments before moving back
to these markets."
    The political setback in the United States spurred a rush to
safe-haven assets such as gold. Gold rose more than 1
percent to a one-month high after the dollar
plunged.
    In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan fell as much as 0.3 percent.
    Singapore shares ended 0.5 percent lower, snapping
two sessions of gains, with real estate and industrial stocks
leading the losses.
    Real estate company CapitaLand Ltd and Jardine
Cycle & Carriage Ltd shed 1.4 percent and 0.6 percent,
respectively.
    Philippine shares closed 0.3 percent lower, weighed
down by industrial and financial stocks. SM Investments Corp
 declined 1.1 percent, while Metropolitan Bank & Trust
Company fell 3.1 percent.
    Indonesia finished the session 0.5 percent lower,
with financials accounting for more than half the losses. 
    Vietnam rose as much as 0.5 percent to its highest
since February 2008 before trimming gains to close marginally
higher. FLC Faros Construction Joint Stock Company was
the biggest percentage gainer with a rise of 1.3 percent.

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SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
    
 Market          Current     previous   Pct Move
                             close      
 Singapore       3126.88     3142.9     -0.51
 Bangkok         1570.5      1573.51    -0.19
 Manila          7245.97     7269.62    -0.33
 Jakarta         5541.202    5567.134   -0.47
 Kuala Lumpur    1744.95     1745.75    -0.05
 Ho Chi Minh     723.52      722.14     0.19
                                         
 Change on year                          
 Market          Current     End 2016   Pct Move
 Singapore       3126.88     2880.76    8.54
 Bangkok         1570.5      1542.94    1.79
 Manila          7245.97     6840.64    5.9
 Jakarta         5541.202    5296.711   4.62
 Kuala Lumpur    1744.95     1641.73    6.29
 Ho Chi Minh     723.52      664.87     8.8
 
 (Reporting by Sindhu Chandrasekaran; additional reporting by
Urvashi Goenka; Editing by Subhranshu Sahu)
  

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