July 18, 2016 / 5:11 AM / in 2 years

SE Asia Stocks-Soft ahead of ECB meeting; Philippines down

By Rushil Dutta
    July 18 (Reuters) - Southeast Asian stock markets took a
breather on Monday after last week's gains and ahead of the
European Central Bank's first policy meeting since Britons voted
to leave the European Union.
    ECB President Mario Draghi is likely to plead for
governments to do more to boost the euro zone's economy in a
meeting on Thursday, its last before an eight-week summer break.
The ECB is not expected to change its monetary stance.
    Governments in China, Japan and Britain have already started
easing their fiscal stance or hinted at plans to do so.
    "After six strong days of climb recently, U.S. investors are
taking a breather. Likewise, Asian stocks are also locking their
gains since a week ago," said Cheng Hooi Lee, an analyst with
Malaysia-based Maybank Investment Bank.
    "Probably for the afternoon session, Asia would remain
sluggish and trading between 0.5 percent gains and 0.8 percent
losses ahead of the ECB's potential stimulus plans."
    Philippine stocks were headed for their first fall in
seven sessions, with investors focussing on Mexican cement maker
Cemex SAB de CV's debut in the country. 
    Cemex Holdings Philippines Inc opened at 11.20
pesos, 4.2 percent higher than its IPO price of 10.75 pesos.
    Property developers and telecom stocks led the losses, with 
  Philippine Long Distance Telephone Co and Ayala Land
 among the biggest losers.
    "Most of the attention is on the new listing. Out of the
trading value of about 2.9 billion pesos, 1.9 billion are in the
new company," said Joseph Roxas, president of Manila-based Eagle
    "That would explain why others are more flat than usual."
    Indonesian and Vietnamese stocks eked out
small gains, while Malaysia was slightly lower.
    Thailand stock markets are closed on Monday and
Tuesday for national holidays. 
For Asian Companies click;  

  STOCK MARKETS                                   
  Change at 0420                                  
  Market           Current     Previous   Pct Move
  Singapore        2928.35     2925.35    0.10
  Bangkok          1492        1488.69    0.22
  Manila           7981.53     8030.06    -0.60
  Jakarta          5125.164    5110.178   0.29
  Kuala Lumpur     1665.5      1668.4     -0.17
  Ho Chi Minh      666.28      664.56     0.26
  Change on year                          
  Market           Current     End 2015   Pct Move
  Singapore        2928.35     2882.73    1.58
  Bangkok          1492        1288.02    15.84
  Manila           7981.53     6952.08    14.81
  Jakarta          5125.164    4593.008   11.59
  Kuala Lumpur     1665.5      1692.51    -1.60
  Ho Chi Minh      666.28      579.03     15.07
 (Reporting by Rushil Dutta; Editing by Subhranshu Sahu)
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