April 24, 2018 / 5:07 AM / in 3 months

SE Asia Stocks-Most slump as U.S. yields rise, Singapore flat

    * Indonesia hits 2-week low; heads for a third session of
losses
    * Vietnam reverses losses to rise 0.5 pct

    By Sumeet Gaikwad
    April 24 (Reuters) - Most Southeast Asian stock markets came
under pressure on Tuesday as concerns over U.S. inflation and
fiscal deficit pushed up treasury yields, stoking a sell-off in
equities.
    U.S. bond prices have fallen for the past four days, pushing
up the 10-year yield to 2.998 percent, its highest
since January 2014.
    Philippine shares extended losses to shed as much 0.9
percent, led by industrials. 
    Index heavyweights SM Investments Corp and Aboitiz
Equity Ventures Inc slipped 1.2 percent and 1.5
percent, respectively.
    "With more attractive yields (elsewhere), we believe that
foreign funds are leaving the Philippines and going back to the
United States," said Charles Ang, an analyst with Manila-based
COL Financial.
    The Jakarta stock exchange touched its lowest in
more than two weeks and was poised for a third straight session
of declines. Unilever Indonesia dropped up to 4.4
percent, while Bank Mandiri (Persero) declined as much
as 3.1 percent. 
    The country's index of 45 most liquid stocks was
down 1.4 percent.
    Meanwhile, the Vietnam index recovered from previous
session's losses to climb as much as 0.6 percent. 
    Singapore stocks were trading flat, as losses in
technology, real estate and industrials outpaced gains in
financial stocks. 
    "Interest rates in Singapore tend to follow that of the
United States. Hence, higher yields in U.S. have translated into
higher Singapore government bond yields as well," said Liu
Jinshu, director of research, NRA Capital in Singapore. 
    "While, Singapore banks tend to be a beneficiary of higher
interest rates due to their high deposit base, it conversely
affects the property sector. The impact on the Singapore market
is somewhat mixed for now."     
    Malaysian shares extended declines to hit their
lowest in more than a week.
    Meanwhile, the Thai index trimmed previous session's
losses to edge 0.3 percent higher, underpinned by energy stocks.
    
    PTT Exploration and Production Pcl, the upstream
arm of state-owned energy company PTT gained as much as
2.2 percent.
    Thailand will begin auctions on Tuesday for petroleum fields
in the Gulf of Thailand, Minister of Energy Siri Jirapongphan
said on Monday.
            
For Asian Companies click;  
    
 SOUTHEAST ASIAN STOCK MARKETS: AS AT 0443 GMT
     
    
 STOCK MARKETS                             
 Change on day                             
 Market          Current   Previous Close  Pct Move
 Singapore       3578.41   3579.54         -0.03
 Bangkok         1794.99   1790.14         0.27
 Manila          7653.44   7719.47         -0.86
 Jakarta         6234.281  6308.148        -1.17
 Kuala Lumpur    1870.6    1880.36         -0.52
 Ho Chi Minh     1082.67   1076.78         0.55
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3578.41   3402.92         5.16
 Bangkok         1794.99   1753.71         2.35
 Manila          7653.44   8558.42         -10.57
 Jakarta         6234.281  6355.654        -1.91
 Kuala Lumpur    1870.6    1796.81         4.11
 Ho Chi Minh     1082.67   984.24          10.00
 
    

 (Reporting by Sumeet Gaikwad in Bengaluru; Additional reporting
by Karthika Namboothiri, Editing by Sherry Jacob-Phillips)
  
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below