SE Asia Stocks-Cautious ahead of Brexit vote

miércoles 22 de junio de 2016 06:02 GYT

By Anusha Ravindranath
    June 22 (Reuters) - Most Southeast Asian stock markets saw
cautious trade on Wednesday, a day ahead of a referendum that
would decide Britain's fate in the European Union. Philippine
stocks snapped five sessions of gains, led by mining stocks.
    Latest opinion polls have mostly shown a shift towards
keeping Britain in the EU, while there are signs that momentum
has stalled for the 'In' camp and the vote still looks too close
to call. 
    Philippine shares ended lower as mining stocks lost
ground after incoming President Rodrigo Duterte warned on
Tuesday that he would cancel mining projects that cause
environmental harm. Semirara Mining Corp 
was the top percentage loser on the index.
    Mining shares fell because of the strong message from the
incoming administration on responsible mining, said Jose Vistan
an analyst with AB Capital Securities in the Philippines. "The
new administration is going to demand high standards in terms of
operations," he added.
    However, investors drew some comfort from U.S. Fed Chair
Janet Yellen comments on future rate hikes. Yellen said on
Tuesday that the Fed would be cautious on interest rates hikes
until it is clear the job market is holding up, and also warned
that a British exit from the EU could darken the U.S. economic
    "It is almost like a Goldilocks scenario," said Vishnu
Varathan, a senior economist with Singapore-based Mizuho Bank.
"Asian markets take it that the rate hikes won't come in a way
that is going to be damaging for the broader economy or the
broader investor sentiment."
    Singapore shares hit a near two-week high before
ending in negative terrain, with Thai Beverage PCL and
CapitaLand Ltd leading the losses.
    Thai markets ended lower after its central bank left
interest rates unchanged.. Malaysian markets were
closed for a holiday.
    For Asian companies click  

  STOCK MARKETS                                        
 Change on the                                         
  Market           Current       previous     Pct Move
  Singapore        2786.13       2789.45      -0.12
  Bangkok          1424.68       1430.8       -0.43
  Manila           7756.37       7767.23      -0.14
  Jakarta          4896.852      4878.714     0.37
  Ho Chi Minh      626.41        628          -0.25
  Change so far                               
 this year                                    
  Market           Current       End 2015     Pct Move
  Singapore        2786.13       2882.73      -3.35
  Bangkok          1424.68       1288.02      10.61
  Manila           7756.37       6952.08      11.57
  Jakarta          4896.852      4593.008     6.62
  Kuala Lumpur     1637.69       1692.51      -3.24
  Ho Chi Minh      626.41        579.03       8.18

 (Reporting by Anusha Ravindranath in Bengaluru; Editing by
Sunil Nair)