October 11, 2016 / 5:51 AM / 2 years ago

SE Asia Stocks-Singapore hits nearly 2-wk low on fears of weak growth

By Susan Mathew
    Oct 11 (Reuters) - Singapore shares fell to their lowest in
nearly two weeks on Tuesday after local media reported the
economy might see some quarters of contraction, quoting a
government minister.
    Trade and Industry Minister Lim Hng Kiang was quoted by a
local broadcaster saying in Parliament that the economy faces
the possibility of experiencing "some quarters of negative
growth", although the government does not expect an outright
    The government still expects the economy to grow 1 to 2
percent for the full year, albeit on the lower end of the
projection curve, he added.
    The comments came just days before a semi-annual monetary
policy decision by the central bank and the release of the
government's advance estimate of third-quarter gross domestic
product, both due on Friday. 
    The Straits Times Index fell as much as 0.6 percent
to its lowest since Sept. 30 and was headed for a third
consecutive session of falls.
    The financial sector shed 0.4 percent after
the city-state directed Swiss wealth manager Falcon Private Bank
Ltd to cease operations and fined top local lender DBS Bank
 and UBS AG over lapses in its biggest
crackdown on entities dealing with Malaysian sovereign fund
    DBS Group shed 0.2 percent.
    Other Southeast Asian stock markets were sluggish though oil
stocks gained across the board as crude prices held near
one-year highs touched in the previous session on growing
expectations of an output cut by OPEC producers. 
    Vietnamese shares fell to their lowest in two weeks
with gains in the energy sector offset by decline in consumer
non-cyclicals and industrials.
    Indonesian shares fell for a fifth straight session
to their lowest in two weeks, with clove cigarette maker Hanjaya
Mandala Sampoema and cement manufacturer Semen
Indonesia shedding as much as 1 percent and 6.3
percent, respectively.
For Asian Companies click;  
 Change at 0517                                         
  Market            Current       previous     Pct Move
  Singapore         2857.92       2870.24      -0.43
  Bangkok           1456.57       1457.02      -0.03
  Manila            7521.76       7534.71      -0.17
  Jakarta           5347.496      5360.828     -0.25
  Kuala Lumpur      1666.4        1665.32      0.06
  Ho Chi Minh       671.99        674.19       -0.33
 Change so far                                 
 this year                                     
  Market            Current       End prev yr  Pct Move
  Singapore         2857.92       2882.73      -0.86
  Bangkok           1456.57       1288.02      13.09
  Manila            7521.76       6952.08      8.19
  Jakarta           5347.496      4593.008     16.43
  Kuala Lumpur      1666.4        1692.51      -1.54
  Ho Chi Minh       671.99        579.03       16.05

 (Reporting by Susan Mathew; Editing by Subhranshu Sahu)
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