July 8, 2016 / 10:42 AM / 2 years ago

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

By Krishna V Kurup
    July 8 (Reuters) - Most Southeast Asian stock markets fell
on Friday in line with Asian shares ahead of the key U.S jobs
data later in the day, while the Philippines rose slightly on
    The employment report is expected to show solid job creation
in June, but worries over the world economy following Britain's
vote to leave the European Union and a deepening crisis in
Italian banks continue to sour investor sentiment globally.
    Strong payrolls data is likely to spark fresh speculation of
a U.S. rate increase later this year, but it would also trigger
a fresh round of currency weakness and likely policy tightening
in emerging markets.    
    If the data comes out to be "spectacular", and if global
markets continue their upward momentum, then the U.S. Federal
Reserve may consider raising rates, probably by the end of the
year, which will weaken sentiment in local markets, said Manny
Cruz, an analyst with Manila-based Asiasec Equities Inc.
    Singapore shares fell 0.5 percent, dragged down by
oil and gas stocks after a 5 percent fall in global crude prices
    Though oil prices recovered in Asian trading on Friday from
the two-month lows hit in the previous session, benchmark Brent
was in line for its largest weekly decline since January.
    Keppel Corp Ltd lost nearly 1.8 percent, while
Sembcorp Industries Ltd dropped 0.7 percent.
    Vietnam shares fell 0.4 percent, with energy stocks
including Petrovietnam Gas Joint Stock Corp leading the
    After recent gains, "the market may undergo some
consolidation", said Nguyen Thanh Lam, deputy research manager
of Maybank Kim Eng Securities in Vietnam. 
    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
    Bucking the trend, Philippine shares closed 0.2
percent higher, helped by financial stocks. SM Prime Holdings
Inc rose 1.5 percent.
    Investors were "bargain-hunting", as they saw an opportunity
to invest after Thursday's fall, Cruz said.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 was down 0.3 percent at 0900 GMT, down nearly 1
percent so far this week.
    Indonesia was closed on Friday for Eid-al-Fitr.
    For Asian Companies click;  

  STOCK MARKETS                                        
  Change on day                                        
  Market           Current       Prev close   Pct Move
  Singapore        2847.04       2862.17      -0.53
  Bangkok          1455.65       1456.72      -0.07
  Manila           7771.52       7753.46      0.23
  Kuala Lumpur     1644.54       1650.71      -0.37
  Ho Chi Minh      658.68        661.12       -0.37
  Change on year                              
  Market           Current       End 2015     Pct Move
  Singapore        2847.04       2882.73      -1.24
  Bangkok          1455.65       1288.02      13.01
  Manila           7771.52       6952.08      11.79
  Kuala Lumpur     1644.54       1692.51      -2.83
  Ho Chi Minh      658.68        579.03       13.76
 (Reporting by Krishna V Kurup in Bengaluru; Editing by
Subhranshu Sahu)
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