SE Asia Stocks-Most fall; Thai index snaps gains
BANGKOK, Aug 4 (Reuters) - Most Southeast Asian stock markets fell on Tuesday, with Thai benchmark snapping a three-day rising streak as weak economy dashed hopes for strong corporate earnings while Malaysia's index retreated as investors cashed quick gains in telecoms. Thai SET index traded down 0.8 percent, trimming some of the combined 1.6 percent gain in three sessions to Monday. Shares of mobile operator Advanced Info Service fell 0.8 percent on lower revenue growth forecast. Banks fell 1 percent ahead of the Bank of Thailand's rate-setting committee meeting on Wednesday, with 20 out of 23 economists in a Reuters poll predicting the one-day repurchase rate to be left unchanged at 1.5 percent. "Investors will continue speculating banking stocks before tomorrow's MPC meeting, where the RP1 is expected to be maintained at 1.50 percent, lowering pressure on big bank's net interest margins," said Maybank Kim Eng Securities in a report. In Kuala Lumpur, selling in telecoms shares sent the key index 1 percent lower. Shares of Maxis Bhd, the worst performer, dropped 7.5 percent after an almost 8 percent jump on Monday. Sentiment was broadly weak after U.S. stocks fell overnight and crude futures took another beating while Asian shares struggled to stay positive on Tuesday. Singapore's Straits Times Index fell for a fourth trading day to its lowest since Oct. 17 while Jakarta composite index eased 0.3 percent, a second day of weakness. Vietnam's key index shed 0.5 percent at the lowest since July 2, extending the loss to a third trading day. Shares lost ground on Monday after the latest round of Pacific trade talks concluded at the weekend without a deal. Stocks in the Philippines bucked the trend, rising 0.2 percent to the highest since July 27, a fifth day of gain. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0421 GMT Market Current Prev Close Pct Move Singapore 3187.31 3192.79 -0.17 Kuala Lumpur 1726.51 1744.19 -1.01 Bangkok 1431.09 1442.04 -0.76 Jakarta 4783.73 4800.18 -0.34 Manila 7587.40 7573.26 +0.19 Ho Chi Minh 606.17 609.47 -0.54 (Reporting by Viparat Jantraprap; Editing by Gopakumar Warrier)
© Thomson Reuters 2016 All rights reserved.