May 16, 2018 / 4:25 AM / 7 months ago

SE Asia Stocks-Most follow Asia lower; Philippines down 1.7 pct

    * Philippines snaps three sessions of gains
    * Indonesia falls for a third straight session
    * 

    By Karthika Suresh Namboothiri
    May 16 (Reuters) - Most Southeast Asian stock markets
slipped on Wednesday tracking Asian peers after North Korea
called off talks with Seoul while the 10-year U.S. Treasury
yield hit a seven-year high, sparking fears of faster fund
outflows from regional equities. 
    MSCI's broadest index of Asia-Pacific shares outside Japan
 dropped 0.2 percent after the U.S. 10-year paper
crossed 3 percent on Tuesday, hurting U.S. equity markets on
concerns it would undercut stock valuations.
    "If bonds are embarked on a journey to higher yields, then
the recent outflows from troubled EM (emerging markets)
countries could become even greater," ING said in a note.
    North Korea threw into question next month's summit between
Kim Jong Un and U.S. President Donald Trump, denouncing on
Wednesday U.S.-South Korean military exercises as a provocation
and calling off high-level talks with Seoul.
    In Southeast Asia, Philippines shares erased earlier
gains and were trading down as much as 1.7 percent as investors
booked some profits following three consecutive days of gain. 
    A fall in March remittances also hurt sentiment, said
Charles William Ang, Associate Analyst at Manila based COL
Financial Group, Inc.
    Foreign remittances into the Philippines in March fell 9.8
percent from last year, its steepest drop in 15 years, according
to central bank data released on Tuesday.
    SM Investment slid as much as 2.2 percent while real
estate developer SM Prime Holdings fell over 2.5
percent.
    Singapore stocks shed half a percent, dragged down by
real estate stocks. City Development fell as much as
3.2 percent.
    Indonesian shares slid for a third straight session,
down as much as 1.6 percent, dragged down by financials and
consumer stocks. Unilever Indonesia, down as much as
4.5 percent, was the biggest drag.
    Data showed on Tuesday the country posted its biggest trade
deficit in four years in April.
    Meanwhile, Malaysian stocks climbed 0.4 percent,
with telecom service provider Maxis Bhd gaining 2.7
percent and Astro Malaysia rising as much as 2.9
percent.
    A senior adviser to the Malaysian government said on Tuesday
that a strategy for the removal of goods and services tax would
be announced within hundred days.
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0420 GMT
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3536.29   3540.23         -0.11
 Bangkok            1755.98   1766.86         -0.62
 Manila             7797.19   7885.97         -1.13
 Jakarta            5772.409  5838.116        -1.13
 Kuala Lumpur       1854.73   1848.2          0.35
 Ho Chi Minh        1069.78   1073.5          -0.35
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3536.29   3402.92         3.92
 Bangkok            1755.98   1753.71         0.13
 Manila             7797.19   8558.42         -8.89
 Jakarta            5772.409  6355.654        -9.18
 Kuala Lumpur       1854.73   1796.81         3.22
 Ho Chi Minh        1069.78   984.24          8.69
 
 (Reporting by Karthika Suresh Namboothiri; Editing by Vyas
Mohan)
  
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