SE Asia Stocks-Singapore falls on bleak economic forecast

jueves 11 de agosto de 2016 01:20 GYT
 

By Hanna Paul
    Aug 11 (Reuters) - Singapore shares fell on Thursday
after the city-state cut its economic growth forecast for the
year, while Philippine stocks declined for a second
straight session on lack of positive news and ahead of a central
bank policy decision later in the day.
    Singapore cut its economic growth forecast, to 1-2 percent
from 1-3 percent, on concerns over Brexit and weakening global
demand, leaving the door open for additional policy stimulus,
after the contracting financial services sector hurt the economy
in the second quarter. 
    The revision got everyone by surprise, said Irvin Seah, an
economist with Singapore-based DBS Bank, adding the market
consensus was that they would maintain their forecast. 
    Broad risk sentiment also remained on the back foot as a
build in U.S. crude inventories and record Saudi Arabian
production weighed on markets. 
    Philippine shares fell as much as 0.6 percent, dragged down
by financial stocks such as GT Capital Holdings and
investment holding company Metro Pacific Investments Corp
.
    "Lack of catalysts is driving the market down as the focus
is still on corporate earnings which failed to impress
investors. We are also in a ghost month as investors are away or
not that invested right now," said Grace Aller, an analyst with
Manila-based AP Securities.
    The Philippine central bank said on July 28 that it did not
see the need to change its monetary policy stance after the
Federal Reserve said near-term risks to the U.S. economic
outlook had diminished. 
    Meanwhile, Vietnam shares rose for a fourth
consecutive session to a near two-week high, driven by consumer
staples and financials, while Indonesian stocks edged up
ahead of the release of July car sales data. 
    For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
    
  STOCK MARKETS                                           
  Change at 0442 GMT                                      
  Market              Current       previous     Pct Move
                                    close        
  Singapore           2864.06       2875.57      -0.40
  Bangkok             1548.69       1548.13      0.04
  Manila              8001.14       8051.4       -0.62
  Jakarta             5449.409      5423.949     0.47
  Kuala Lumpur        1674.63       1673.03      0.10
  Ho Chi Minh         653.89        648.33       0.86
                                                 
  Change on year                                 
  Market              Current       End prev yr  Pct Move
  Singapore           2864.06       2882.73      -0.65
  Bangkok             1548.69       1288.02      20.24
  Manila              8001.14       6952.08      15.09
  Jakarta             5449.409      4593.008     18.65
  Kuala Lumpur        1674.63       1692.51      -1.06
  Ho Chi Minh         653.89        579.03       12.93
 

 (Reporting by Hanna Paul in Bengaluru; Editing by Subhranshu
Sahu)