SE Asia Stocks-Singapore heads for first gain in 3 days; Philippines down

viernes 20 de mayo de 2016 01:36 GYT

By Anusha Ravindranath
    May 20 (Reuters) - Singapore shares were on track to snap
two sessions of falls on Friday, helped by gains in banking
stocks, while the Philippine market hit its lowest level in nine
days on profit-taking.
    The Straits Times Index was 0.8 percent higher after
losing 1.3 percent in the previous session on concerns over the
possibility of a Fed rate hike in June.
    "We believe that the higher interest rate expectation has
been baked into the market," said Carey Wong, a research manager
with Singapore's OCBC Investment Research.
    Financial stocks, the biggest constituent of
the Singapore index, rose as much as 0.75 pct, with DBS Group
Holdings, Southeast Asia's biggest bank by assets, gaining 1
    "We are starting to see a rebound in Singapore from early
lows, led by banks - the usual beneficiaries of rising interest
rates," Wong said. 
    Asian shares edged higher, with MSCI's broadest index of
Asia-Pacific shares outside Japan up 0.6
percent, as investors absorbed the possibility of an U.S.
interest rate hike. 
    Meanwhile, the Philippine stock index dropped as much
as 1.78 percent to its lowest level since May 11, dragged down
by the biggest constituent, financials. 
    BDO Unibank Inc shed 2.1 percent, while Bank of the
Philippine Islands fell 1.1 percent.
    Regina Capital said in a note it expects follow-up
corrections on Friday to test a psychological support range of
7,400-7,360, after the Relative Strength Index (RSI) almost hit
overbought levels.
    "We advise taking profits on issues still trading at
overbought conditions as index correction will most likely drag
prices lower," added Regina Capital.
    Indonesia traded almost flat after the government
cut its growth assumption for 2017 and after the central bank 
slashed its growth outlook for 2016. 
    Thai markets were closed for a public holiday.
    For Asian Companies click;  
  STOCK MARKETS                                 
  Change on                                     
  Market         Current     Previous   Pct Move
  Singapore      2763.1      2740.11    0.84
  Manila         7301.45     7427.33    -1.69
  Jakarta        4708.895    4704.217   0.10
  Kuala Lumpur   1634.85     1633.76    0.07
  Ho Chi Minh    617.33      619.2      -0.30
 Change on year                               
  Market           Current       End 2015     Pct Move
  Singapore        2763.14       2882.73      -4.15
  Bangkok          1385.86       1288.02      7.60
  Manila           7304.18       6952.08      5.06
  Jakarta          4709.94       4593.008     2.55
  Kuala Lumpur     1634.66       1692.51      -3.42
  Ho Chi Minh      616.02        579.03       6.39

 (Reporting By Anusha Ravindranath in Bengaluru; Editing by
Subhranshu Sahu)