March 27, 2019 / 10:00 AM / 4 months ago

SE Asia Stocks-Most fall on U.S. recession risks; Philippines ends at 1-week low

    * Malaysia falls to over 3-mth lows
    * Thailand's opposition parties claim majority in vote
    * U.S.-China trade talks to resume on Thursday

    By Shanima A
    March 27 (Reuters) - Most Southeast Asian stocks fell on
Wednesday as investors remained concerned about a potential
recession in the United States, with Philippines declining to a
one-week trough. 
    Sentiment remained fragile though the 10-year U.S.
Treasuries yield rose as high as 2.432 percent from
Monday's 15-month low.
    Investors were spooked as the yield curve continued to be
inverted as this phenomenon has preceded every U.S. recession
over the past 50 years. 
    Markets were also looking out for the latest round of
high-level trade talks between the U.S. and Southeast Asia's
biggest trading partner China that is scheduled to start on
Thursday in Beijing. 
    Local bourses have witnessed hefty fund outflows since the
start of trade negotiations between the world's two biggest
    Philippine shares lost 0.6 percent, with financial
stocks leading the declines.
    Metropolitan Bank and Trust Co dropped 2.2 percent.
Shares of conglomerate GT Capital Holdings Inc were
among the top drags on the index and fell to more than
three-week lows after the company reported a fall in annual core
net income.
    Malaysian shares declined to more than three-month
lows, with Public Bank Bhd shedding 1.4 percent.
    The central bank on Wednesday lowered its economic growth
expectation for this year and forecast a significant drop in
export expansion due to a slowdown in the global economy and the
U.S.-China trade war.
    Singapore shares reversed gains to end 0.1 percent
    Thailand ended marginally lower. With final results
of the first election since 2014 army coup still delayed,
investors were assessing political uncertainty in the country. 
    In the latest development, opposition of seven parties
claimed it had won a majority in the lower house of parliament.
However, the opposition alliance would still fall short of being
able to elect a prime minister.
    Defying the trend, Vietnam shares advanced 0.6
    Tran Minh Hoang, chief economist at Vietcombank Securities,
said technical recovery of some largecap banks and real estate 
stocks pushed the index higher.
    "Despite going against the common trend of the region today,
we view that the market's sentiment is still skeptical in
general, although panic selling is unlikely to be seen," he

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 Change on day                                   
 Market            Current       Previous Close  Pct Move
 Singapore         3198.39       3200.28         -0.06
 Bangkok           1629.4        1632.32         -0.18
 Manila            7861.05       7907.03         -0.58
 Jakarta           6444.738      6469.999        -0.39
 Kuala Lumpur      1642.73       1649.94         -0.44
 Ho Chi Minh       975.91        969.79          0.63
 Change on year                                  
 Market            Current       End 2017        Pct Move
 Singapore         3198.39       3068.76         4.22
 Bangkok           1629.4        1563.88         4.19
 Manila            7861.05       8558.42         -8.15
 Jakarta           6444.738      6194.498        4.04
 Kuala Lumpur      1642.73       1690.58         -2.83
 Ho Chi Minh       975.91        984.24          -0.85

 (Reporting by Shanima A in Bengaluru, Editing by Shreejay
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