July 8, 2016 / 4:21 AM / 2 years ago

SE Asia Stocks-Largely down ahead of U.S. jobs data

By Krishna V Kurup
    July 8 (Reuters) - Most Southeast Asian stock markets fell
on Friday, while Asian shares were on track to post their
biggest weekly loss in three weeks, as investors brace for U.S.
jobs data, counting on the resilience of the world's biggest
economy to support growth.
    Ahead of the closely-followed payrolls report later in the
day, U.S. data published on Thursday was mostly positive.
    U.S. private payrolls increased more than expected in June
as small businesses ramped up hiring, and fewer Americans
applied for unemployment benefits last week. 
    While a rebound in payrolls is expected, the unemployment
rate is forecast rising to 4.8 percent in June from an
8-1/2-year low of 4.7 percent in May, according to a Reuters
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was down 0.45 percent at 0357 GMT.
    Singapore's stock index fell 0.9 percent, dragged
down by oil and gas shares after a 5 percent fall in oil prices
overnight. Keppel Corp Ltd lost nearly 2.5 percent,
while Sembcorp Industries Ltd dropped 1.4 percent.
    Oil prices recovered in Asian trading from the two-month
lows hit in the previous session.  
    Traders said the outlook looked volatile as a glut in
refined products and slowing economic growth weighed on markets.
    Malaysian shares dropped 0.4 percent, with energy
stocks Petronas Gas Bhd losing 2 percent and
Sapurakencana Petroleum Bhd falling 2.9 percent.
    Vietnam index lost early gains and was down 0.6
percent. Energy stocks led the fall with Petrovietnam Gas Joint
Stock Corp losing nearly 3 percent.
    The market looks "a little overbought right now" and may be
due for some consolidation, said Fiachra MacCana, head of
research at Ho Chi Minh Securities, adding that the positive
effects of increased liquidity and the new government have been
priced in at current levels.
    Vietnam's economic growth in 2016 is expected to slow to
6.2-6.3 percent, as export and industrial output growth is
projected to fall short of target, a government official
    The Philippine stocks bucked the trend and edged up
0.17 percent, helped by financial and telecom stocks.
    For Asian Companies click;  

  STOCK MARKETS                                           
  Change at 0357 GMT                                      
  Market              Current       Prev close   Pct Move
  Singapore           2837.04       2862.17      -0.88
  Bangkok             1451.43       1456.72      -0.36
  Manila              7766.48       7753.46      0.17
  Kuala Lumpur        1644.8        1650.71      -0.36
  Ho Chi Minh         657.01        661.12       -0.62
  Change on year                                 
  Market              Current       End 2015     Pct Move
  Singapore           2837.04       2882.73      -1.58
  Bangkok             1451.43       1288.02      12.69
  Manila              7766.48       6952.08      11.71
  Kuala Lumpur        1644.8        1692.51      -2.82
  Ho Chi Minh         657.01        579.03       13.47

 (Reporting by Krishna V Kurup in Bengaluru; Editing by
Gopakumar Warrier)
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