September 7, 2016 / 5:06 AM / 2 years ago

SE Asia Stocks-Tread cautiously ahead of key cenbank meetings

By Aparajita Saxena
    Sept 7 (Reuters) - Most Southeast Asian stock markets
treaded carefully on Wednesday, with the Philippines falling the
most, as investors kept to the sidelines ahead of key meetings
of the Bank of England and the European Central Bank.
    Asian stocks hit one-year highs after surprisingly weak U.S.
services sector activity put paid to already slim chances of an
interest rate hike by the Federal Reserve as early as this
    "It is a little difficult to say where the market is going
at this point because although the U.S. services sector activity
data was weak, there is still uncertainty because it means the
U.S. economy is weakening," said Mikey Macanaig, an analyst with
Sunsecurities Inc in Manila.
    "We are looking at the ASEAN Summit, and hoping that the
discussions will bear fruits... Markets are very cautious - we
do not want any surprises at the moment, and we are still
waiting for more data."
    Philippine shares extended losses into a third
straight session and were last down 1.2 percent with 27 of the
30 constituents making up the stock index in the red.
    The market almost reached the record high recently, so it is
fair to say it is a technical correction, said Mikey, adding
that: "The one happening with (President Rodrigo) Duterte is the
only reason for the selling."
    Financials led the losses with SM Prime Holdings,
the country's largest property developer, down 3.04 percent.
    Malaysia was flat ahead of a central bank policy
meeting where it is expected to keep its benchmark rate
unchanged as the economy is seen to be coping with global market
volatility in the wake of Britain's June Brexit vote.
    The country's exports in July fell the most since May 2015,
data released earlier in the day showed, hurt by a slowdown in
major trading partner China, weak oil prices and slumping demand
for the country's commodities. 
    Thai shares rose 0.8 percent with financials leading
the gains, while consumer non-cyclicals battered Vietnam shares
For Asian Companies click;  

  STOCK MARKETS                                              
  Change at 0400 GMT                                         
  Market                 Current       Previous     Pct Move
  Singapore              2893.26       2896.55      -0.11
  Bangkok                1507.21       1496.9       0.69
  Manila                 7624.25       7719.18      -1.23
  Jakarta                5374.977      5372.096     0.05
  Kuala Lumpur           1690.62       1689.92      0.04
  Ho Chi Minh            657.07        663.9        -1.03
  Change so far this                                
  Market                 Current       End 2015     Pct Move
  Singapore              2893.26       2882.73      0.37
  Bangkok                1507.21       1288.02      17.02
  Manila                 7624.25       6952.08      9.67
  Jakarta                5374.977      4593.008     17.03
  Kuala Lumpur           1690.62       1692.51      -0.11
  Ho Chi Minh            657.07        579.03       13.48

 (Reporting by Aparajita Saxena in Bengaluru; Editing by
Subhranshu Sahu)
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