January 30, 2018 / 5:00 AM / in 10 months

SE Asia Stocks-Fall on soft Wall Street; Philippines down over 2 pct

    * Philippines posts biggest intraday drop in over 1 year
    * Investors await Fed meeting, U.S. employment report

    By Christina Martin
    Jan 30 (Reuters) - Southeast Asian stock markets fell on
Tuesday tracking Wall Street, with the Philippines posting its
biggest intraday percentage drop in more than a year.
    On Monday, U.S. stocks pulled back from record highs,
weighed down by a slide in Apple shares on news that
the company will cut production of its iPhone X smartphone.

    "Asian markets are tracking U.S. equity markets, which
finished broadly lower with tech and energy stocks accounting
for much of the decline," said Stephen Innes, head of trading in
Asia-Pacific for Oanda in Singapore.
    The dollar traded above a recent three-year low against a
basket of major currencies on Tuesday, having drawn some support
from a rise in U.S. bond yields as traders awaited a Federal
Reserve policy meeting for fresh catalysts.    
    "Higher global bond yields are factoring negatively into
regional sentiment and when compounded by the slew of U.S.
headline risk starting with tomorrow's key FOMC statement,
investors are erring on the side of caution while taking profits
off the table," he said.
    The Fed is widely expected to keep interest rates unchanged
at its two-day policy meeting that starts later on Tuesday.
Investors, however, will be focusing on its assessment of the
economy and inflation for hints on the monetary policy
outlook.
    Investors will also await U.S. President Donald Trump's
first official State of the Union speech late on Tuesday and the
U.S. employment report.
    In Southeast Asia, Philippine shares slumped 2.4
percent in their sharpest intraday percentage drop since
December 2016 and were headed for their first fall in four
sessions.  
    "There is nervousness on the currency front with the peso
trading lower," said Innes, pointing out that a weaker currency
was horrible for equity flows.
    The peso slipped as much as 0.6 percent to a near
three-month low.
    Industrials and financials were the top losers, with SM
Investments Corp shedding as much as 4.5 percent and
Ayala Corp declining 3.1 percent. 
    Indonesian shares declined as much as 1.6 percent,
hurt by falls in energy, telecom and consumer staple stocks. 
    United Tractors Tbk PT and Telekomunikasi
Indonesia (Persero) Tbk Perusahaan Perseroan PT shed
as much as 4.2 percent and 2 percent, respectively. 
    An index of the country's 45 most liquid stocks
dropped 1.9 percent to a one-week low. 
    Singapore slipped as much as 0.6 percent to a
one-week low, weighed down by financial and real estate stocks. 
    United Overseas Bank Ltd and DBS Group Holdings
Ltd declined as much as 1.2 percent and 1.5 percent,
respectively. 
    Vietnam dropped as much as 1.6 percent to a more than
one-week low. 
   
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SOUTHEAST ASIAN STOCK MARKETS as at 0453 GMT
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3561      3577.07         -0.45
 Bangkok            1825.84   1837.49         -0.63
 Manila             8840.78   9058.62         -2.40
 Jakarta            6576.108  6680.619        -1.56
 Kuala Lumpur       1867.68   1870.52         -0.15
 Ho Chi Minh        1097.18   1109.8          -1.14
                                              
 Change in 2018                               
 Market             Current   End 2017        Pct Move
 Singapore          3561      3402.92         4.65
 Bangkok            1825.84   1753.71         4.11
 Manila             8840.78   8558.42         3.30
 Jakarta            6576.108  6355.654        3.47
 Kuala Lumpur       1867.68   1796.81         3.94
 Ho Chi Minh        1097.18   984.24          11.47
 
 (Reporting by Christina Martin in Bengaluru; Editing by
Subhranshu Sahu)
  
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