July 28, 2017 / 4:40 AM / a year ago

SE Asia Stocks-Subdued; Singapore drops as top banks swoon

    By Chris Thomas
    July 28 (Reuters) - Singapore shares fell as much as 1
percent on Friday, dragged by financials, while most other
Southeast Asian stock markets were subdued in line with broader
Asian shares after a tech-stock driven slide on Wall Street.
    The FTSE Straits Times Index saw its biggest drop in
over a week, posting its first fall in four sessions, with the
city-state's biggest banks pulling the index under.
    DBS Group and United Overseas Bank fell
as much as 2.6 percent each, while Oversea-Chinese Banking Corp
 dropped 1.2 percent.
    "There seems to be some cross-plays between the local
financials," said a strategist with a bank in Singapore, who did
not want to be identified.
    "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."
    United Overseas Bank reported a 5.5 percent increase in
second-quarter profit, a day after Oversea-Chinese Banking
Corp's profit beat expectations with a 22 percent jump.

    Singapore's employment data also added to the sentiment.
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.
    Singapore shares were headed for their fifth straight week
of gains.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 fell 1.1 percent. Investors were spooked by a
drop in U.S. technology and transportation shares.

    Indonesian shares fell nearly 0.3 percent, while
Malaysian shares were trading marginally lower, snapping
five sessions of gains.
    Philippine shares gained 0.4 percent, led by
industrials and financials. SM Investments Corp rose as
much as 0.9 percent to a two-week high, while Ayala Corp
hit a 11-month top.
    Vietnam shares were 0.5 percent higher. Thailand
 was closed for a holiday.
For Asian Companies click;  

  Change on day                                        
  Market          Current      Previous Close  Pct Move
  Singapore       3325.7       3354.71         -0.86
  Manila          8073.76      8045.78         0.35
  Jakarta         5810.808     5819.744        -0.15
  Kuala Lumpur    1768.73      1770.07         -0.08
  Ho Chi Minh     775.59       771.5           0.53
  Change on year                               
  Market          Current      End 2016        Pct Move
  Singapore       3325.7       2880.76         15.45
  Manila          8073.76      6840.64         18.03
  Jakarta         5810.808     5296.711        9.71
  Kuala Lumpur    1768.73      1641.73         7.74
  Ho Chi Minh     775.59       664.87          16.65
 (Reporting by Chris Jacob Thomas in Bengaluru; Editing by
Gopakumar Warrier)
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below