September 6, 2016 / 4:41 AM / 2 years ago

SE Asia Stocks-Steady; Philippine shares fall as Obama cancels meeting with Duterte

By Aparajita Saxena
    Sept 6 (Reuters) - Southeast Asian stock markets were steady
on Tuesday mirroring Asian markets, with investors now eyeing
the results of the policy meeting in Australia for cues.
    All the 33 economists polled by Reuters expect the Reserve
Bank of Australia (RBA) to stand pat, following the rate cuts in
August and May. 
    Philippine stocks fell due to a sell-off as President
Barack Obama cancelled his meeting with the country's president
after Rodrigo Duterte described Obama as a "son of a bitch".
    "The cancellation of the meeting between leaders of the
Philippines and the U.S. has exacerbated selling pressure in the
market. Absence of market steering development has also affected
selling pressure," said Manny Cruz, an analyst with Asiasec
Equities Inc.
    Financial stocks lost the most after central bank governor
Amando Tetangco said there is no strong need to change monetary
    Statements released from the Philippine statistics office
showed that annual inflation unexpectedly slowed in August as
food prices eased. 
    Metropolitan Bank and Trust Co was the biggest
loser on the index, touching its lowest in about 10 weeks.
    Meanwhile, Singapore shares held on to the previous
session's gains, up 1.1 percent, with oil and gas shares leading
the rally.
    Oil companies Sembcorp Marine and Keppel Corp
 gained after Brent crude retained most of its gains
from the previous session. 
    Thai shares rose marginally, supported by consumer
non-cyclicals. Central Pattana PCL, Thailand's largest
shopping mall developer, maintained its annual revenue growth of
15 percent, the Bangkok Post reported.
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  STOCK MARKETS                                               
  Change at 0430 GMT                                          
  Market               Current       Previous Close  Pct Move
  Singapore            2883.73       2851.74         1.12
  Bangkok              1495.51       1492.52         0.20
  Manila               7715.55       7764.05         -0.62
  Jakarta              5351.172      5356.954        -0.11
  Kuala Lumpur         1685.97       1678.08         0.47
  Ho Chi Minh          664.55        664.55          0.00
  Change so far this                                 
  Market               Current       End 2015        Pct Move
  Singapore            2883.73       2882.73         0.03
  Bangkok              1495.51       1288.02         16.11
  Manila               7715.55       6952.08         10.98
  Jakarta              5351.172      4593.008        16.51
  Kuala Lumpur         1685.97       1692.51         -0.39
  Ho Chi Minh          664.55        579.03          14.77
 (Reporting by Aparajita Saxena in Bengaluru, Additional
reporting by Sindhu Chandrasekaran,; Editing by Sunil Nair)
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