SE Asia Stocks-Fall on U.S. rate hike concerns; Philippines worst hit

jueves 19 de mayo de 2016 01:08 GYT
 

By Bhumika Sahani
    May 19 (Reuters) - Southeast Asian stocks traded lower on
Thursday on broader weakness in Asia as minutes from the U.S.
Federal Reserve's April policy meeting rekindled the possibility
of a rate hike in June.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell over 1 percent to its lowest since March 3
as the prospect of a second U.S. rate hike in six months raised
concerns for emerging markets already grappling with a slowing
China.   
    Philippine stocks led the falls in Southeast Asia and were
headed for their first loss in five sessions, shrugging off
strong quarterly GDP growth data released earlier in the day.
 
    Financial stocks took a hit, with Bank of the
Philippine Islands down 1.1 percent as of 0459 GMT,
while Metropolitan Bank and Trust Co fell 2.3 percent.
    Notwithstanding the Fed-driven selloff, analysts said the
Philippine market had the potential to outperform.
    "The Philippines is strategically a good medium-term
opportunity. They are expensive but they are growing quickly,"
said Sean Taylor, chief investment officer, Asia Pacific,
Deutsche Asset Management. 
    "The Philippines is Deutsche's most convincing overweight
position among frontier market holdings."    
    Singapore's Straits Times index was headed for its
second session of falls, while Indonesia hit a near
three-month low, with Bank Negara Indonesia (Persero) Tbk PT
 and Ciputra Development Tbk PT shedding  1.1
percent and 0.8 percent, respectively. 
    
    For Asian Companies click ;
  STOCK MARKETS                                 
  Change on day                                 
  Market         Current     Previous   Pct Move
                             Close      
  Singapore      2749.67     2777.11    -0.99
  Bangkok        1392.44     1400.5     -0.58
  Manila         7450.25     7534.3     -1.12
  Jakarta        4700.815    4734.357   -0.71
  Kuala Lumpur   1634.58     1635.72    -0.07
  Ho Chi Minh    620.75      622.45     -0.27
  Change on                             
 year                                   
  Market         Current     End 2015   Pct Move
  Singapore      2750.55     2882.73    -4.59
  Bangkok        1391.7      1288.02    8.05
  Manila         7450.25     6952.08    7.17
  Jakarta        4700.815    4593.008   2.35
  Kuala Lumpur   1634.58     1692.51    -3.42
  Ho Chi Minh    620.75      579.03     7.21
 



 (Reporting by Bhumika Sahani; Editing by Subhranshu Sahu)