February 7, 2018 / 10:00 AM / 8 months ago

SE Asia Stocks-Most rebound; gains capped as U.S futures slide

    * Singapore extends losses for 4th day
    * Volatility seen ahead - analyst

    By Nikhil Nainan
    Feb 7 (Reuters) - Southeast Asian share markets except
Singapore rebounded on Wednesday after two days of hefty losses,
but gains were largely capped as U.S stock futures dipped during
late Asian trading hours.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 edged higher as a late rebound on Wall Street
overnight helped soothe frayed nerves, though many kept a wary
eye on S&P E-Mini futures which slipped about a percent,
signalling the likelihood of more volatility ahead. 
    "The low volatility regime is likely dead – 2017 and early
2018 were a crazy anomaly. So far, the blow-up is scary but has
been relatively contained," said Peter Garny, Head of Equity
Strategy at Saxo Bank, in a note. 
    Philippine shares closed 1.4 percent higher at
8,667.56 points with financials leading the gains. 
    "There is a strong resistance at around 8,700 points. That
will be barrier for the market in the near-term," said Manny
Cruz, an analyst with Asiasec Equities Inc in Manila. 
    Although inflation sharply picked up in January, the
Philippine central bank is seen edging closer to its first rate
hike in over three years.
    Ayala Land Inc, up 2.7 percent, was the top gainer
while lenders Ayala Corp and BDO Unibank Inc
were up between 2 percent and 3 percent.
    Indonesian shares ended 0.9 percent higher after the
International Monetary Fund said the country's annual economic
growth will gradually rise to about 5.6 percent.
    Bank Negara Indonesia (Persero) Tbk PT, up 5.2
percent, and Unilever Indonesia Tbk PT, up 1.4
percent, were the top gainers.
    An index of the country's most liquid stocks
climbed a percent. 
    Malaysian shares rose 1.3 percent, as investors
brushed aside data which showed December exports rose at a much
slower pace for a second straight month.
    Singapore shares closed 0.7 percent lower as
financial weighed. 
    "Investors are reacting to the prospect of high interest
rates in light of the fact that rates are reaching levels that
investors are uncomfortable with and they are taking money off
the table from companies that are more sensitive," said Liu
Jinshu, director of research at NRA Capital in Singapore.
    Top lenders DBS Group Holdings and United Overseas
Bank fell around 1.4 percent while Oversea-Chinese
Banking Corporation dropped 0.7 percent.
    Vietnamese shares jumped 2.9 percent after shedding
8.5 percent in the previous two sessions.

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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3383.77   3406.38         -0.66
 Bangkok            1785.44   1788.43         -0.17
 Manila             8667.56   8550.42         1.37
 Jakarta            6534.869  6478.543        0.87
 Kuala Lumpur       1836.68   1812.45         1.34
 Ho Chi Minh        1040.55   1011.6          2.86
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3383.77   3402.92         -0.56
 Bangkok            1785.44   1753.71         1.81
 Manila             8667.56   8558.42         1.28
 Jakarta            6534.869  6355.654        2.82
 Kuala Lumpur       1836.68   1796.81         2.22
 Ho Chi Minh        1040.55   984.24          5.72
 

    
 (Reporting by Nikhil Kurian Nainan in Bengaluru, additional
reporting by Syed Saif Hussain Naqvi)
  
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