SE Asia Stocks-Vietnam, Philippines fall as corporate earnings disappoint

martes 2 de agosto de 2016 06:08 GYT

By Anusha Ravindranath
    Aug 2 (Reuters) - Most Southeast Asian stock markets fell on
Tuesday with Vietnam hitting a one-month low, after a few
companies reported poor earnings this season, hurting market
    The Vietnam index closed 1.9 percent lower, dragged
down by financial stocks with Vinamilk, the country's
top-listed firm by market value, slipping 1.9 percent. 
    Military Commercial Joint Stock Bank shed 0.67
percent after posting a fall in second-quarter profit.
    Vietcombank,, the country's top lender by market
value fell 2.8 percent, and is planning to issue up to 8
trillion dong ($358.7 million) worth of bonds in 2016, the
Vietnam Plus web site reported.    
    "Bank results were quite scary," said Farhan Rizvi of Credit
Suisse (Singapore) Ltd. "Things are not looking good for them
with operating profits dropping and provisions rising. In case
of stocks such as Vinamilk, investors were focused on
profit-taking," he added.
    The Vietnam government forecast a weak economic outlook on
Friday which continued to hurt sentiment. 
    Singapore shares finished 1.2 percent down as their
major constituent - financial stocks - lost ground, with the
biggest lender DBS Group being among the top losers on
the index. 
    Philippine shares lost 0.4 percent, after blue-chip
company Philippine Long Distance Telephone Co reported
a 33 percent drop in quarterly profit. 
    Thai shares also edged down. The Thai central bank
is expected to leave its policy rate unchanged, when the policy
committee meets on Wednesday, according to a Reuters poll.
    Asian shares tracked the falls on Wall Street and edged
lower, with MSCI's broadest index of Asia-Pacific shares outside
Japan slipping 0.4 percent. 
    "Markets will be moving sideways because of the start of the
'ghost month' tomorrow," said Mikey Macanaig of Sunsecurities
    Some analysts said the 'ghost month' in China has stalled
momentum in the markets due to a popular belief that Chinese
investors should not spend or even trade much during this month.
For Asian Companies click; 
  STOCK MARKETS                                        
 Change on the                                         
  Market           Current       previous     Pct Move
  Singapore        2856.67       2892.52      -1.24
  Bangkok          1497.51       1512.62      -1.00
  Manila           8037.78       8069.81      -0.40
  Jakarta          5373.323      5361.576     0.22
  Kuala Lumpur     1660.23       1665.23      -0.30
  Ho Chi Minh      636.05        648.38       -1.90
 Change so far                                
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        2856.67       2882.73      -0.90
  Bangkok          1497.51       1288.02      16.26
  Manila           8037.78       6952.08      15.62
  Jakarta          5373.323      4593.008     16.99
  Kuala Lumpur     1660.23       1692.51      -1.91
  Ho Chi Minh      636.05        579.03       9.85
 (Reporting by Anusha Ravindranath in Bengaluru; Editing by
Sherry Jacob-Phillips)