May 5, 2016 / 6:45 AM / 4 years ago

SE Asia Stocks-Most indexes fall on global growth concerns

May 5 (Reuters) - Most Southeast Asian stock markets fell on
Thursday, led by the Philippines, as weak economic data and
corporate earnings results added to concerns over global
economic growth.
    Activity in China's services sector expanded at a slower
pace in April than in March, a private survey showed on
Thursday, although firms resumed adding staff after a rare
decline the previous month. 
    That has added to concerns raised by disappointing
manufacturing data from China and growth and inflation forecast
downgrades by the European Commission.
    The Philippine stock index fell 1.2 percent, the Thai
SET index 0.5 percent and Malaysia's 0.6
percent. Singapore's Strait Times Index dropped 0.6
percent to a more than two-month low.
    Singapore-based NetResearch Asia said in a note that
investors were staying on the sidelines ahead of the U.S. jobs
report scheduled for Friday.
    "There was little news overnight to turn sentiment which is
now decidedly cautious given weak corporate earnings and
economic data," NetResearch said.
    "We don't expect any change in sentiment today given Wall
Street's overnight dip."
    Mixed data on the services sector in the United States also
weighed on sentiment. The vast U.S. services sector expanded in
April as new orders and employment accelerated, offering hope
economic growth would rebound after a sluggish first quarter,
data showed on Wednesday. 
    But other figures showed private employers hired the fewest
workers in three years, sparking concerns the all-important
payrolls report might also disappoint.
    Bucking the trend, Vietnam's VN index rose 0.7
percent, boosted by banking and real estate stocks.
    Indonesia's markets were closed on Thursday for a holiday. 
  Change at 0604 GMT                                     
  Market              Current    previous close  Pct Move
  Singapore           2755.59    2773.07         -0.63
  Bangkok             1390.7     1397.87         -0.51
  Manila              7004.44    7081.86         -1.09
  Kuala Lumpur        1648.42    1657.58         -0.55
  Ho Chi Minh         603.32     599.07          +0.71
 (Reporting by Shihar Aneez; Editing by Anupama Dwivedi)
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