SE Asia Stocks-Soft ahead of ECB meeting; Philippines down
By Rushil Dutta July 18 (Reuters) - Southeast Asian stock markets took a breather on Monday after last week's gains and ahead of the European Central Bank's first policy meeting since Britons voted to leave the European Union. ECB President Mario Draghi is likely to plead for governments to do more to boost the euro zone's economy in a meeting on Thursday, its last before an eight-week summer break. The ECB is not expected to change its monetary stance. Governments in China, Japan and Britain have already started easing their fiscal stance or hinted at plans to do so. "After six strong days of climb recently, U.S. investors are taking a breather. Likewise, Asian stocks are also locking their gains since a week ago," said Cheng Hooi Lee, an analyst with Malaysia-based Maybank Investment Bank. "Probably for the afternoon session, Asia would remain sluggish and trading between 0.5 percent gains and 0.8 percent losses ahead of the ECB's potential stimulus plans." Philippine stocks were headed for their first fall in seven sessions, with investors focussing on Mexican cement maker Cemex SAB de CV's debut in the country. Cemex Holdings Philippines Inc opened at 11.20 pesos, 4.2 percent higher than its IPO price of 10.75 pesos. Property developers and telecom stocks led the losses, with Philippine Long Distance Telephone Co and Ayala Land among the biggest losers. "Most of the attention is on the new listing. Out of the trading value of about 2.9 billion pesos, 1.9 billion are in the new company," said Joseph Roxas, president of Manila-based Eagle Equities. "That would explain why others are more flat than usual." Indonesian and Vietnamese stocks eked out small gains, while Malaysia was slightly lower. Thailand stock markets are closed on Monday and Tuesday for national holidays. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0420 GMT Market Current Previous Pct Move Close Singapore 2928.35 2925.35 0.10 Bangkok 1492 1488.69 0.22 Manila 7981.53 8030.06 -0.60 Jakarta 5125.164 5110.178 0.29 Kuala Lumpur 1665.5 1668.4 -0.17 Ho Chi Minh 666.28 664.56 0.26 Change on year Market Current End 2015 Pct Move Singapore 2928.35 2882.73 1.58 Bangkok 1492 1288.02 15.84 Manila 7981.53 6952.08 14.81 Jakarta 5125.164 4593.008 11.59 Kuala Lumpur 1665.5 1692.51 -1.60 Ho Chi Minh 666.28 579.03 15.07 (Reporting by Rushil Dutta; Editing by Subhranshu Sahu)
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