January 16, 2017 / 10:16 AM / in 2 years

SE Asia Stocks-Fall on fears of a 'hard' Brexit

By Sandhya Sampath
    Jan 16 (Reuters) - Southeast Asian stock markets ended lower
on Monday as investors turned jittery over concerns Britain
faces a "hard" exit from the European Union, sending the pound
to its lowest levels - bar a "flash crash" in October - in 32
    The sterling plunged to as low as $1.1983 in early
trade in Asia, depths not seen since a bout of thin liquidity
triggered a "flash crash" on Oct. 7 that wiped as much as 10
percent off the pound in a matter of minutes. 
    The sterling, which fell as much as 1.5 percent against the
dollar and over 2 percent against the yen, was down 0.9 percent
at $1.2070 as of 0957 GMT.
    U.K. Prime Minister Theresa May will use a speech on Tuesday
to signal plans for a "hard Brexit", quitting the EU's single
market to regain control of Britain's borders, the Sunday Times
    Investors have been worried such a decisive break from the
single market would hurt British exports and drive foreign
investment out of the country. 
    "Most of the regional markets are down today after the
British pound weakened, as its prime minister is seeking a hard
Brexit," said Manny Cruz, an analyst with Manila-based Asiasec
Equities Inc.  
    Singapore's FTSE Straits Times Index ended 0.4
percent lower, dragged down by consumer stocks. Singapore Press
Holdings Ltd lost 3.5 percent, while Wilmar
International Ltd closed 0.8 percent lower.
    Vietnam shares ended 1 percent lower, posting losses
for a third consecutive session, dragged down by financials and
energy stocks.
    Malaysia ended down 0.8 percent, pulled lower by
financials and industrials. Malayan Banking Bhd, the
biggest loser on the index, fell 3.3 percent.
    Philippines erased early gains to end marginally
lower, with higher financials offsetting losses in industrials.
    "I think we ended in negative territory, as the negative
sentiment in the region spilled over to the local market," said
Cruz of Asiasec Equities.
For Asian Companies click;  

  STOCK MARKETS                                           
  Change on the day                                       
  Market             Current   previous close   Pct Move
  Singapore          3013.12   3025.07          -0.40
  Bangkok            1571.80   1575.24          -0.22
  Manila             7238.45   7238.52          0.00
  Jakarta            5270.011  5272.983         -0.06
  Kuala Lumpur       1658.84   1672.5           -0.82
  Ho Chi Minh        677.94    685.06           -1.04
  Change this year                              
  Market             Current   End 2016         Pct Move
  Singapore          3013.12   2880.76          4.59
  Bangkok            1571.80   1542.94          1.87
  Manila             7238.45   6840.64          5.80
  Jakarta            5270.011  5296.711         -0.50
  Kuala Lumpur       1658.84   1641.73          1.04
  Ho Chi Minh        677.94    664.87           2.00
 (Reporting by Sandhya Sampath; Editing by Biju Dwarakanath)
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