February 20, 2018 / 5:15 AM / 3 months ago

SE Asia Stocks-Most lower; Philippines snaps 4 sessions of gains

    * Most lower as U.S. bond yields edge closer to recent 4-yr
highs
    * Financials drag Philippines

    By Chris Thomas
    Feb 20 (Reuters) - Most Southeast Asian stock markets fell
in line with broader Asia on Tuesday, with a sell-off in
financial stocks breaking  the Philippines' four-session run of
gains.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 shed as much as 0.7 percent after European
equities broke a winning streak, with the U.S. markets closed
Monday for a holiday.
    "The movement of regional markets today is a reaction to
rising bond yields in the United States," said Lexter Azurin, a
senior equity analyst at AB Capital.
    U.S. benchmark 10-year yields, which move inversely to
prices, are edging towards the four-year highs reached last
week. U.S. index futures were down 0.2 percent at
0338 GMT.
    "For the U.S. market, there will be a close eye on the
upcoming Federal Open Market Committee meeting so we will
probably get an indication from the Fed," added Azurin. 
    Philippines' shares led the losses in Southeast Asia,
falling as much as 0.8 percent. BDO Unibank Inc fell
2.8 percent in its sharpest drop in over a week, while Ayala
Corp slipped 2.3 percent.
    Singapore declined as much as 0.7 percent, dragged by
real estate and consumer staples stocks.
   The falls came after Finance Minister Heng Swee Keat hiked
stamp duty on properties costing more than $760,000 and said he
would raise the city-state's sales tax to 9 percent from 7
percent "sometime" between 2021 and 2025.
    Thai Beverage PCL dropped 2.9 percent to its
lowest in more than a year, while City Developments Ltd
 fell as much as 2.4 percent.
    Broad-based losses drove Indonesian shares 0.7
percent lower. Bank Central Asia Tbk PT dropped as
much as 1.4 percent, while Unilever Indonesia Tbk PT
slipped 0.8 percent.
    Malaysian shares reversed early gains to slip
marginally lower, while Thai shares edged higher.     
    Vietnam was closed for a holiday. 

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SOUTHEAST ASIAN STOCK MARKETS
 Change on day                               
 Market             Current  Previous close  Pct Move
 Singapore          3480.98  3487.88         -0.20
 Bangkok            1810.58  1809.67         0.05
 Manila             8675.54  8710.22         -0.40
 Jakarta            6648.84  6689.287        -0.60
 Kuala Lumpur       1856.28  1857.32         -0.06
                                             
 Change on year                              
 Market             Current  End 2017        Pct Move
 Singapore          3480.98  3402.92         2.29
 Bangkok            1810.58  1753.71         3.24
 Manila             8675.54  8558.42         1.37
 Jakarta            6648.84  6355.654        4.61
 Kuala Lumpur       1856.28  1796.81         3.31
 
 (Reporting by Chris Thomas in Bengaluru; Additional reporting
by Christina Martin; Editing by Eric Meijer)
  
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