August 24, 2016 / 5:31 AM / 2 years ago

SE Asia Stocks-Tepid as Yellen speech awaited; Philippines falls nearly 1 pct

By Krishna V Kurup
    Aug 24 (Reuters) - Philippine stocks fell nearly 1 percent
to a 3-week low on Wednesday, led by JG Summit Holdings Inc
 and Universal Robina Corp, while most other
Southeast Asian markets were tepid in line with broader Asian
    Global sentiment was hit by falling oil prices on an
unexpected buildup in U.S. crude stocks and fears over China
demand, while investors focused on a speech by Fed Chair Janet
Yellen whether she would adopt a more hawkish tone in her speech
on Friday.  
    Meanwhile, upbeat U.S. housing data added to market
uncertainty over whether the Fed will raise interest rates this
year. [ 
    The Philippine stock index was headed for its second
session of losses, with JG Summit shedding as much as 5.1
percent and Universal Robina falling up to 3.1 percent.
    The market is going to trade sideways for the rest of the
week on expectation Yellen's speech could give clues about
whether there would be an interest rate hike in September, said
Grace Aller, an analyst with AP Securities in Manila.
    Singapore stocks gained as much as 0.7 percent and
posted their biggest single-day percentage gain in two weeks.
Financial stocks led the gains, with DBS Group Holdings Ltd
 rising 1.7 percent and United Overseas Bank Ltd
 adding 1.4 percent.
    Indonesian shares were slightly down with healthcare
stocks being the biggest drag. Kalbe Farma Tbk PT and
Mitra Keluarga Karyasehat Tbk PT fell 3.6 percent and
3.3 percent, respectively.
    "We expect JCI (Jakarta Composite Index) to technical
rebound within the range of 5,400-5,470," Trimegah Securities
said in a note.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was down 0.4 percent as of 0450 GMT.

    For Asian Companies click;  

  STOCK MARKETS                                           
  Change at 0450 GMT                                      
  Market              Current       Prev close   Pct Move
  Singapore           2866.72       2850.43      0.57
  Bangkok             1545.06       1540.06      0.32
  Manila              7862.98       7935.18      -0.91
  Jakarta             5406.923      5417.14      -0.19
  Kuala Lumpur        1683.71       1683.07      0.04
  Ho Chi Minh         660.94        659.16       0.27
  Change on year                                 
  Market              Current       End 2015     Pct Move
  Singapore           2866.72       2882.73      -0.56
  Bangkok             1545.06       1288.02      19.96
  Manila              7862.98       6952.08      13.10
  Jakarta             5406.923      4593.008     17.72
  Kuala Lumpur        1683.71       1692.51      -0.52
  Ho Chi Minh         660.94        579.03       14.15

 (Reporting by Krishna V Kurup in Bengaluru; Editing by
Subhranshu Sahu)
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