July 28, 2017 / 10:35 AM / a year ago

SE Asia Stocks-Singapore falls about 1 pct as financials drag

    By Chris Thomas
    July 28 (Reuters) - Singapore shares cut losses at
the close of trade on Friday after falling nearly 1 percent, as
the city-state's biggest banks pulled down the index and as
sentiment took a hit after total jobs fell in the second
quarter, the most in 14 years.
    The FTSE Straits Times Index closed 0.7 percent
lower, but rose 0.5 percent on week, its fifth straight weekly
    DBS Group fell 2.6 percent, United Overseas Bank
 slipped 2.2 percent and Oversea-Chinese Banking Corp
 dropped 0.9 percent. 
    "The weaker performance of financials today follows a
relatively lengthy period of gains. Hence, traders could have
been selling ahead of news, especially in the results season,"
said Liu Jinshu, director of research at NRA Capital.
    On Thursday, DBS Group closed at its highest in more than 17
years, OCBC hit a record closing high and United Overseas Bank
rose 1.3 percent. 
    United Overseas Bank reported a 5.5 percent increase in
second-quarter profit on Friday, a day after OCBC's profit beat
expectations with a 22 percent jump. 
    "After the OCBC results, the other two names may have been
sucked higher yesterday. After the UOB numbers this morning,
(it's) a little bit of a reality check," said a strategist with 
a Singapore-based bank who did not want to be identified.
    Singapore's total employment contracted by 7,800 in the
second quarter, the biggest quarterly drop in employment since
2003, preliminary data from the Ministry of Manpower showed.

    In other Southeast markets, Philippine shares inched
up, finishing the week 1 percent higher. Conglomerate JG Summit
Holdings climbed 1.9 percent, while BDO Unibank
 rose 1.7 percent to close at its highest in more than
four months.
    Vietnam shares closed up 0.7 percent and were up 2
percent on week, while Indonesia rose marginally, ending
the week 1.1 percent higher.
    Malaysian shares snapped five sessions of gains to
slip 0.2 percent, but ended the week up 0.5 percent. 
    Thailand was closed for a holiday.
For Asian Companies click;  

  Change on day                                         
  Market          Current      Previous Close   Pct Move
  Singapore       3330.75      3354.71          -0.71
  Manila          8071.47      8045.78          0.32
  Jakarta         5831.027     5819.744         0.19
  Kuala Lumpur    1767.08      1770.07          -0.17
  Ho Chi Minh     777.09       771.5            0.72
  Change on year                                
  Market          Current      End 2016         Pct Move
  Singapore       3330.75      2880.76          15.62
  Manila          8071.47      6840.64          17.99
  Jakarta         5831.027     5296.711         10.09
  Kuala Lumpur    1767.08      1641.73          7.64
  Ho Chi Minh     777.09       664.87           16.88

 (Reporting by Chris Jacob Thomas in Bengaluru; Editing by Biju
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