SE Asia Stocks-Soft as Brexit fears cloud sentiment

jueves 16 de junio de 2016 06:18 GYT

By Krishna V Kurup
    June 16 (Reuters) - Most Southeast Asian stocks ended lower
on Thursday as investors shrugged off the U.S. Fed's cautious
stance on interest rates and a steady monetary policy by the
Bank of Japan, as fears of a British exit from the European
Union dominated markets.
    A poll by Ipsos MORI on Thursday showed 53 percent of
Britons would vote to leave the European Union in a referendum
on June 23, and a separate analysis by JPMorgan 
researchers on Wednesday showed the "Leave" camp in the lead.
    "Most likely, if the British referendum were to go for
'leave' the European Union, it would exacerbate the market
sentiments in flight to safety and the risk appetite would
actually deteriorate," said Taye Shim, an analyst with Daewoo
    "It might lead to meaningful outflow of funds out from ASEAN
markets over to safer markets."
    Concerns over the so-called Brexit have driven investors
towards safe-haven assets such as German bunds and gold and out
of oil and stocks. 
    Singapore stocks fell 0.8 percent, led lower by oil
and gas shares after oil prices hit their lowest in more than
three weeks on Thursday. 
    Keppel Corp Ltd fell 1.9 percent, while Sembcorp
Industries lost 2.8 percent.
    The Thailand index closed down 1.7 percent, with
telecom and energy stocks dragging the index down.
    Advanced Info Service PCL fell 4 percent.
    Vietnam ended marginally lower, led by energy stocks, with
Petrovietnam Gas Joint Stock Corp down 2.4 percent.
    The Philippine index however closed 0.8 percent
higher, led by shares of consumer cyclicals. 
    SM Investments Corp was up 1.1 percent.
    "It might be a case of rotation of buying, probably
lightening up on some countries and moving to the Philippines
because of our better fundamentals at the moment," said Jose
Vistan, an analyst with Manila-based AB Capital Securities,
referring to the Philippine economy.
    The Philippine economy posted its fastest annual growth in
nearly three years in the first quarter, as strong domestic
demand and investments offset sluggish exports. 
    Earlier on Thursday, the Bank of Japan refrained from
offering additional monetary stimulus despite anaemic inflation
and weak global growth. Overnight, the U.S. Federal Reserve kept
interest rates unchanged and signaled it still planned to raise
rates twice in 2016.  
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  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Prev Close   Pct Move
  Singapore        2751.56       2774.25      -0.82
  Bangkok          1411.19       1434.89      -1.65
  Manila           7564.47       7501.65      0.84
  Jakarta          4814.391      4814.824     -0.01
  Kuala Lumpur     1614.9        1627.96      -0.80
  Ho Chi Minh      625.11        627.02       -0.30
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2751.56       2882.73      -4.55
  Bangkok          1411.19       1288.02      9.56
  Manila           7564.47       6952.08      8.81
  Jakarta          4814.391      4593.008     4.82
  Kuala Lumpur     1614.9        1692.51      -4.59
  Ho Chi Minh      625.11        579.03       7.96
 (Reporting by Krishna V Kurup in Bengaluru; Editing by Biju