January 17, 2017 / 5:17 AM / a year ago

SE Asia Stocks-Tepid ahead of May's Brexit speech; Philippines down for fifth session

By Sandhya Sampath
    Jan 17 (Reuters) - Southeast Asian stock markets were tepid
on Tuesday ahead of British Prime Minister Theresa May's speech
outlining plans to exit the European Union as worries of a "hard
Brexit" and uncertainty over Donald Trump's policies pulled back
risk appetite.
    Philippines, which has become Asia's best performing
market this year on foreign buying, were on track for their
fifth straight session of losses as foreign investors offloaded
    Investors are on risk-off mode ahead of May's speech later
in the day and Trump's upcoming inauguration, said Victor Felix,
an analyst with AB Capital Securities.
    Britain will not seek a Brexit deal that leaves it "half in,
half out" of the EU, May will say later in the day, according to
her office, in a speech setting out her priorities for impending
divorce talks with the bloc. 
    Those priorities will include leaving the EU's single market
and regaining full control of Britain's borders, media reported,
reinforcing fears of a "hard Brexit," sending the pound to some
of the lowest levels in more than three decades.
    Markets are also wary about U.S. President-elect Trump's
stimulus and reflationary measures post his inauguration, on
    "Media reports over the weekend mentioned that she was
prepared to make a "hard" exit; maybe they want more specifics
on that. In  last week's speech, Trump didn't really flesh out
economic policies, so hopefully post inauguration he will flesh
them out further," Felix said.
    Philippine shares fell as much as 0.8 percent,
dragged down by financials and telecom stocks.
    "Yesterday's turnover was much lower than the average. There
was net foreign selling and we continue that trend today," Felix
    "There is net foreign selling of 100 million pesos ($2.0
million) as of now in the Philippines market."
    Property developer SM Prime Holdings Inc fell as
much as 3.1 percent, while telecom services provider PLDT Inc
 dropped 2.1 percent.
    Singapore fell 0.3 percent, pulled down by
industrials and consumer goods. Palm oil producer Wilmar
International Ltd fell as much as 1.1 percent.
For Asian Companies click;  

  Market             Current    Previous Close   Pct Move
  Singapore          3004.87    3013.12          -0.27
  Bangkok            1575.37    1571.80          0.15
  Manila             7196.65    7238.45          -0.58
  Jakarta            5277.904   5270.011         0.14
  Kuala Lumpur       1663.85    1658.84          0.30
  Ho Chi Minh        682.41     677.94           0.66
  Change this year                               
  Market             Current    End 2016         Pct Move
  Singapore          3004.87    2880.76          4.31
  Bangkok            1575.37    1542.94          2.10
  Manila             7196.65    6840.64          5.2
  Jakarta            5277.904   5296.711         -0.36
  Kuala Lumpur       1663.85    1641.73          1.35
  Ho Chi Minh        682.41     664.87           2.6

($1 = 49.9090 Philippine pesos)

 (Reporting by Sandhya Sampath; Editing by Amrutha Gayathri)
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