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SE Asia Stocks-Philippines hits 2-week closing low, Thailand edges up
June 16, 2017 / 11:32 AM / 6 months ago

SE Asia Stocks-Philippines hits 2-week closing low, Thailand edges up

    By Nicole Pinto
    June 16 (Reuters) - Among Southeast Asian markets,
Philippine shares fell the most on Friday, dragged by
industrials, while other markets in the region ended flat to
lower, as investors continued to digest U.S. Federal Reserve's
outlook on interest rates. 
    "The regional currencies were weakening against the dollar
after the nudge in U.S. interest rates. I think that is one of
the leading indicators on why Asian equities trimmed their gains
from morning's trade," said Manny Cruz, an analyst with
Manila-based Asiasec Equities Inc.
    Sentiment was also affected by Wall Street, with a recent
slump in technology stocks worsening further on Thursday,
dragging on major U.S. indexes.
    Philippine shares posted their lowest close in over two
weeks, pulled down by index heavyweights SM Investment Corp
 and Aboitiz Equity Ventures.
    The index recorded its biggest weekly percentage drop since
March 10.
    Early in the day, the Philippine central bank revised its
current account balance forecast for this year, predicting a
deficit for the first time since 2002, on expectations of
surging imports. Data showing April remittances dropped 5.9
percent from a year ago had also dented sentiment.
    
    Indonesia extended its declines to end 0.9 percent
lower, with Elang Mahkota Teknologi Tbk Pt plunging
16.4 percent. 
    Earlier in the session, Malaysia hit a two-year
high, adding 0.1 percent for the week in its fourth straight
weekly gain.
    Singapore ended the day marginally lower, dragged
down by industrials and consumer discretionary stocks. The index
posted its biggest weekly fall since May 19.
    Singapore's exports shrank for a second straight month in
May, with non-oil domestic exports (NODX) from the city-state
dropping 1.2 percent.
    Thailand was the biggest gainer in the region,
despite the central bank saying its foreign exchange reserves
fell to $184.1 billion in the week ended June 9, down from
$185.0 billion a week ago.
            
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SOUTHEAST ASIAN STOCK MARKETS: Change on day
  Market           Current       previous     Pct Move
                                 close        
  Singapore        3231.44       3232.09      -0.02
  Bangkok          1576.58       1573.53      0.19
  Manila           7882.22       7964.49      -1.03
  Jakarta          5723.636      5776.283     -0.91
  Kuala Lumpur     1791.31       1790.01      0.07
 Ho Chi Minh       761.24        760.57       0.09
                                              
  Change so far                               
 this year                                    
  Market           Current       End 2016     Pct Move
  Singapore        3231.44       2880.76      12.17
  Bangkok          1576.58       1542.94      2.18
  Manila           7882.22       6840.64      15.23
  Jakarta          5723.636      5296.711     8.06
  Kuala Lumpur     1791.31       1641.73      9.11
 Ho Chi Minh       761.24        664.87       14.49
 

 (Reporting by Nicole Pinto in Bengaluru; Editing by Sherry
Jacob-Phillips)
  

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