SE Asia Stocks -Mixed; Philippine shares fall on concerns over weak China demand
July 9 (Reuters) - Philippine stocks fell to their lowest in nearly a week while other Southeast Asian markets remained rangebound as lower June inflation in China raised concerns over weak demand that could hurt growth in the world's second largest economy. The Philippine index ended 0.6 percent weaker, its lowest since July 3, led by industrial and financial shares amid expectations of an interest rate hike. Although Philippine inflation slowed slightly in June, growing price pressures have been adding to expectations the central bank will raise interest rates for the first time in three years, possibly as early as this month. China's consumer inflation cooled slightly more than expected in June, pointing to lingering weakness in the economy which could prompt Beijing to launch further stimulus measures to shore up growth. "There are no compelling reasons to chase stock prices higher," said Song Seng Wun, a Singapore-based CIMB economist. "China's inflation picture remains stable, allowing the policy planners to continue with targeted easing to support the Chinese economy," he said. "No real reason to get excited. People are adopting a wait-and-see attitude, watching the annual China-U.S. strategic and economic dialogue and perhaps looking out for the upcoming release of the latest Fed Reserve's minutes from its 17-18 June 2014 FOMC meeting." The Singapore index fell 0.2 percent, while Malaysia ended 0.1 percent weaker with a foreign outflow of $16.88 million worth shares. The Thai benchmark index recovered from early losses and ended little changed, while the Vietnam index ended 0.02 percent up. The Jakarta stock market was closed due to presidential elections. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 437.77 437.65 +0.03 Singapore 3275.46 3283.34 -0.24 Kuala Lumpur 1891.16 1892.65 -0.08 Bangkok 1507.92 1507.58 +0.02 Manila 6903.79 6948.52 -0.64 Ho Chi Minh 591.60 591.47 +0.02 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 437.77 388.37 +12.72 Singapore 3275.46 3167.43 +3.41 Kuala Lumpur 1891.16 1866.96 +1.30 Bangkok 1507.92 1298.71 +16.11 Jakarta 5024.71 4274.18 +17.56 Manila 6903.79 5889.83 +17.22 Ho Chi Minh 591.60 504.63 +17.23 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. ($1 = 3.1710 Malaysian Ringgits) (Reporting by Shihar Aneez; Editing by Subhranshu Sahu)
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