SE Asia Stocks-Down ahead of ECB meeting; Philippine shares slump

miércoles 7 de septiembre de 2016 06:11 GYT

By Aparajita Saxena
    Sept 7 (Reuters) - Most Southeast Asian stock markets ended
lower on Wednesday, with Philippine shares losing more than 1
percent, as investors kept to the sidelines ahead of a crucial
European Central Bank meeting that is expected to keep policy
rates unchanged.
     The ECB, which meets on Thursday, will probably respond to
pressure for further easing by announcing an extension to its
asset purchase programme by year-end, a Reuters poll showed.
    "This week should remain generally weak as there's lack of
macro events," said Taye Shim, an analyst with Daewoo Securities
in Jakarta. 
    "However, the ECB monetary policy on Thursday will be an
important event to watch as all eyes will be on (ECB President
Mario) Draghi's additional monetary easing - which should
reinforce investor confidence that prices are going to inflate."
    Investors have also factored in weak U.S. services sector
activity data that has cut the chances of an interest rate hike
by the Federal Reserve as early as this month, analysts said.
    "We are looking at the ASEAN Summit, and hoping that the
discussions will bear fruit... Markets are very cautious - we do
not want any surprises at the moment, and we are still waiting
for more data," said Mikey Macanaig, an analyst with
Sunsecurities Inc in Manila.
    Philippine shares closed down 1.3 percent, after
earlier hitting its lowest in more than two months. Financial
shares fell, with property firms SM Prime Holdings Inc 
and Ayala Land Inc slipping about 2-3 percent.
    Malaysia was little changed ahead of a central bank
policy meeting where it is expected to keep the benchmark rate
    Banking services provider CIMB Group Bhd was the
biggest gainer on the index, up 1.45 percent, while investment
company IOI Corporation Bhd slipped 2.4 percent, the
biggest loser.
    Thai shares surrendered gains to settle 0.6 percent
lower, dragged down by telecom services stocks. Advanced Info
Service Pcl led the losers in the sector.
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  STOCK MARKETS                                           
  Change on day                                           
  Market           Current       Previous Close  Pct Move
  Singapore        2893.65       2896.55         -0.10
  Bangkok          1488.49       1496.9          -0.56
  Manila           7619.1        7719.18         -1.30
  Jakarta          5381.354      5372.096        0.17
  Kuala Lumpur     1689.57       1689.92         -0.02
  Ho Chi Minh      661.28        663.9           -0.39
  Change so far                                  
  Market           Current       End 2015        Pct Move
  Singapore        2893.65       2882.73         0.38
  Bangkok          1488.49       1288.02         15.56
  Manila           7619.1        6952.08         9.59
  Jakarta          5381.354      4593.008        17.16
  Kuala Lumpur     1689.57       1692.51         -0.17
  Ho Chi Minh      661.28        579.03          14.20

 (Reporting by Aparajita Saxena in Bengaluru; Editing by Biju