Southeast Asian stocks track broader decline; Singapore sheds early gains

lunes 4 de enero de 2016 03:04 GYT

BANGKOK, Jan 4 (Reuters) - Most Southeast Asian stock
markets fell more than one percent on Monday, tracking weak
regional bourses, with Singapore index erasing earlier gains
from better-than-expected fourth quarter economic growth.
    Singapore's key Straits Times Index fell 1.6 percent
to its lowest level since Dec. 21.
    The benchmark had risen in early trade after the city-state
posted surprisingly strong economic growth for the fourth
quarter but soon reversed these gains. 
    An uncertain earnings outlook and the risk of more U.S.
interest rate hikes, however, remains a key market concern, NRA
Capital said in a report.
    "Despite the better-than-expected fourth quarter GDP
numbers, economic-sensitive counters like banks and properties
declined, prompting speculation of fund sales," the broker said.
    Stocks in the Philippines hit a two-week low while
Malaysian stocks hovered around a one-week low as Asian
shares and currencies fell on Monday on the back of
weaker-than-expected China factory activity contracted and the
yuan weakened. 
    In Bangkok, selling led by mutual funds helped send the key
SET Index to its lowest level in more than one week.
    "Some degree of long-term equity fund redemptions weighs on
the market," strategists at broker KGI Securities wrote in a
    Losses in Indonesian stocks were relatively small, with the
Jakarta composite index down 0.8 percent. JP Morgan
upgraded Indonesia to "outperform", citing signs of an uptrend.
    Indonesia was among the underperformers in Southeast Asia
last year as foreign investors exited the region, partly due to
higher interest rates in the United States and on concerns about
slowing economies in the mainly export-dependent region.
    Vietnam, the region's best performer in 2015, was a
tad lower in range-bound trading after the country said it would
announce a central rate for the dong/dollar each day starting
from Monday, shifting from a fixed rate of 21,890 dong/dollar to
allow more flexibility. 
For Asian Companies click;  

 Change at 0641 GMT
 Market             Current      Prev Close    Pct Move
 Singapore          2837.06       2882.73       -1.58
 Kuala Lumpur       1664.27       1692.51       -1.67
 Bangkok            1272.45       1288.02       -1.21
 Jakarta            4558.62       4593.00       -0.77
 Manila             6847.01       6952.08       -1.51
 Ho Chi Minh         578.18        579.03       -0.15
 (Reporting by Viparat Jantraprap; Editing by Sam Holmes)