January 17, 2017 / 10:23 AM / 2 years ago

SE Asia Stocks-Lower ahead of May's speech on Brexit roadmap

By Sandhya Sampath
    Jan 17 (Reuters) - Most Southeast Asian stock markets ended
lower on Tuesday as investors waited nervously for British Prime
Minister Theresa May to lay out plans to exit the European Union
amid fears Britain will lose access to the single market.
    According to advance extracts released by her office, May
will tell an audience including foreign diplomats and Britain's
own Brexit negotiating team: "We seek a new and equal
partnership, between an independent, self-governing, global
Britain and our friends and allies in the EU."
    But the extracts did not set out explicit details of the
future trading relationship May wants to have with the EU.
    Sterling, which hit more than three-month lows on Monday,
hovered around $1.2164 as of 0956 GMT ahead of May's
speech at 1145 GMT. 
    Investors are on risk-off mode ahead of May's speech and
U.S. President-elect Donald Trump's upcoming inauguration on
Friday, said Victor Felix, an analyst with AB Capital
    Investors are seeking clarity on Trump's policies after
campaign pledges on tax cuts and government spending helped lift
stocks and the dollar and were deemed positive for economic
    In Southeast Asia, Philippines closed 1.6 percent
lower dragged down by financials and consumer staples, its fifth
straight session of losses and biggest losing streak since Nov
    "Today, the foreign selling is 311 million pesos ($6.25
million) and the total value turnover is 5.5 billion pesos,
which is lower than the average," Felix said.     
    Property developer SM Prime Holdings Inc ended 3.1
percent lower, while Conglomerate JG Summit Holdings Inc
 fell 3.88 percent.
    Singapore dipped marginally, dragged down by
industrials and consumer stocks. Comfortdelgro Corporation Ltd
, the biggest loser on the index, fell 1.6 percent.
    Indonesia closed lower for a seventh consecutive
session, pulled down by consumer staples and healthcare stocks.
    Bucking the trend, Vietnam gained 1 percent, led up
by financials and consumer staples. 
For Asian Companies click;  
  STOCK MARKETS                                             
  Change on day                                             
  Market             Current    Previous close   Pct Move
  Singapore          3012.77    3013.12          -0.01
  Bangkok            1566.84    1571.8           -0.32
  Manila             7123.33    7238.45          -1.59
  Jakarta            5266.938   5270.011         -0.06
  Kuala Lumpur       1663.03    1658.84          0.25
  Ho Chi Minh        684.71     677.94           1.00
  Change so far                                  
  Market             Current    End 2016         Pct Move
  Singapore          3012.77    2880.76          4.58
  Bangkok            1566.84    1542.94          1.54
  Manila             7123.33    6840.64          4.10
  Jakarta            5266.938   5296.711         -0.56
  Kuala Lumpur       1663.03    1641.73          1.30
  Ho Chi Minh        684.71     664.87           3.00
($1 = 49.7350 Philippine pesos)

 (Reporting by Sandhya Sampath; Editing by Biju Dwarakanath)
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