July 31, 2018 / 4:51 AM / in 9 months

SE Asia Stocks-Indonesia hit by weak telecom earnings, Philippines slides

    * Philippines on track to snap five sessions of gains 
    * Indonesia set to snap seven sessions of gains 

    By Syed Saif Hussain Naqvi
    July 31 (Reuters) - The Indonesian stock market slid on
Tuesday after the country's largest telecom company reported a
steep drop in first-half net income, while Philippine shares
declined after a five-session winning run.
    Meanwhile, most other Southeast Asian stock markets inched
higher as global investors were awaiting cues from the Bank of
Japan and the U.S. Federal Reserve.
    The Bank of Japan pledged to keep interest rates "very low"
for the time being and took measures to make its massive
stimulus programme more flexible, reflecting its forecast that
it would take time for inflation to hit its 2 percent target.

    The Fed is expected to keep rates unchanged and reaffirm the
outlook for future rate hikes at its two-day meeting that ends
on Wednesday. 
    "Today's BOJ decision will be closely-watched with markets
expecting some tweaks to its monetary stimulus program and if
the Japanese government bond curve shifts higher by 10-15 bps,
flows returning to Japan could pick up meaningfully," DBS said
in a note.
    "The upshot is the developing market yields in general could
rise if the BOJ signals less-loose monetary policy." 
    Indonesian shares fell 1.6 percent and were set to
snap a seven-session gaining run, after PT Telekomunikasi
Indonesia Tbk, the country's largest telecom company,
dropped 6.7 percent after its half-year net income slumped 28
    Indonesia's annual inflation rate in July likely increased
slightly due to higher food prices, with the consumer price
index (CPI) expected to climb 3.24 percent in July, according to
a Reuters poll.
    Philippine shares dropped 1.4 percent as index
heavyweights Ayala Land and SM Investments Corp
shed 3.1 percent and 1.3 percent, respectively.
    Meanwhile, Thai shares were flat, with Advanced Info
Service and Airports of Thailand PCL and
Production PCL posting minor gains.
    Thailand's annual headline inflation rate may have quickened
in July and moved into the central bank's target range for a
fourth straight month, with the median forecast of 12 economists
expecting a 1.46 percent rise in headline consumer price index
for July. 
    The country's manufacturing production index likely rose 3.0
percent in June from a year earlier after rising 3.20 percent in
May, the Reuters poll showed.
    Singapore shares gained a marginal 0.2 percent as
gains in financials outweighed losses in industrials.
For Asian Companies click;  
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3312.45   3307.15         0.16
 Bangkok            1701.46   1701.87         -0.02
 Manila             7663.8    7773.32         -1.41
 Jakarta            5934.126  6027.936        -1.56
 Kuala Lumpur       1770.49   1770.26         0.01
 Ho Chi Minh        956.76    949.73          0.74
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3312.45   3402.92         -2.66
 Bangkok            1701.46   1753.71         -2.98
 Manila             7663.8    8,558.42        -10.45
 Jakarta            5934.126  6355.654        -6.63
 Kuala Lumpur       1770.49   1796.81         -1.46
 Ho Chi Minh        956.76    984.24          -2.79

 (Editing by Amrutha Gayathri)
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