July 9 Philippine stocks fell to their lowest in
nearly a week while other Southeast Asian markets remained
rangebound as lower June inflation in China raised concerns over
weak demand that could hurt growth in the world's second largest
The Philippine index ended 0.6 percent weaker, its
lowest since July 3, led by industrial and financial shares amid
expectations of an interest rate hike.
Although Philippine inflation slowed slightly in June,
growing price pressures have been adding to expectations the
central bank will raise interest rates for the first time in
three years, possibly as early as this month.
China's consumer inflation cooled slightly more than
expected in June, pointing to lingering weakness in the economy
which could prompt Beijing to launch further stimulus measures
to shore up growth.
"There are no compelling reasons to chase stock prices
higher," said Song Seng Wun, a Singapore-based CIMB economist.
"China's inflation picture remains stable, allowing the
policy planners to continue with targeted easing to support the
Chinese economy," he said.
"No real reason to get excited. People are adopting a
wait-and-see attitude, watching the annual China-U.S. strategic
and economic dialogue and perhaps looking out for the upcoming
release of the latest Fed Reserve's minutes from its 17-18 June
2014 FOMC meeting."
The Singapore index fell 0.2 percent, while
Malaysia ended 0.1 percent weaker with a foreign outflow
of $16.88 million worth shares.
The Thai benchmark index recovered from early losses
and ended little changed, while the Vietnam index ended
0.02 percent up.
The Jakarta stock market was closed due to presidential
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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Prev Close Pct Move
TR SE Asia Index* 437.77 437.65 +0.03
Singapore 3275.46 3283.34 -0.24
Kuala Lumpur 1891.16 1892.65 -0.08
Bangkok 1507.92 1507.58 +0.02
Manila 6903.79 6948.52 -0.64
Ho Chi Minh 591.60 591.47 +0.02
Change on year
Market Current End 2013 Pct Move
TR SE Asia Index* 437.77 388.37 +12.72
Singapore 3275.46 3167.43 +3.41
Kuala Lumpur 1891.16 1866.96 +1.30
Bangkok 1507.92 1298.71 +16.11
Jakarta 5024.71 4274.18 +17.56
Manila 6903.79 5889.83 +17.22
Ho Chi Minh 591.60 504.63 +17.23
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.
($1 = 3.1710 Malaysian Ringgits)
(Reporting by Shihar Aneez; Editing by Subhranshu Sahu)