February 14, 2017 / 5:18 AM / a year ago

SE Asia Stocks-Fall as stronger dollar weighs on markets ahead of Yellen testimony

    By Geo  Tharappel
    Feb 14 (Reuters) - Southeast Asian stock markets fell on
Tuesday as a stronger dollar weighed on sentiment while
investors awaited the congressional testimony by U.S. Federal
Reserve Chair Janet Yellen for clues on the pace of interest
rate hikes.
    The dollar index, which measures the greenback
against six other currencies, was flat near a three-week high
hit on Monday.
    "The uptick in the dollar yesterday is acting negatively for
regional markets," said Mikey Macainag, an analyst with
Manila-based Sunsecurities Inc.
    Yellen will present the U.S. central bank's semi-annual
report on monetary policy and the economy in testimony to the
Senate Banking Committee on Tuesday, followed by the semi-annual
monetary testimony before the House Financial Committee on
    Singapore shares fell as much as 1.2 percent in their
biggest percentage loss in three months, dragged down by
financials. They had hit an 18-month top in the previous
    Oversea-Chinese Banking Corp Ltd posted its
biggest intraday percentage drop in more than six months,
shedding up to 3.2 percent, after the city-state's
second-biggest lender reported an 18 percent slump in its
fourth-quarter profit on bad debt charges.
    Top lender DBS Group Holdings Ltd, which is
expected to report earnings later in the week, fell as much as
2.9 percent, its biggest percentage fall since July 29, 2016.
    Exposure to the stressed oil services sector and slowing
loan growth due to slack regional trade are clouding prospects
for the country's lenders.
    Philippine shares slumped 1 percent after the
previous session's gains, hurt by falls in industrial and real
estate stocks.  
    "It is also time for a correction... Yesterday we tried to
test the 7,300 level which we think is the resistance for now,"
Macainag said.
    Property developer SM Prime Holdings Inc declined
as much as 2.3 percent. International Container Terminal
Services Inc fell up to 4.8 percent to its lowest in
nearly four weeks after the company said an agreement to operate
a port in Brunei would not be renewed.
For Asian Companies click;  

  Market             Current    prev close  Pct Move
  Singapore          3078.84    3111.63     -1.05
  Bangkok            1580.87    1585.24     -0.28
  Manila             7229.85    7294.67     -0.89
  Jakarta            5397.858   5409.556    -0.22
  Kuala Lumpur       1707.16    1710.24     -0.18
  Ho Chi Minh        705.81     705.9       -0.01
  Change this year                          
  Market             Current    End 2016    Pct Move
  Singapore          3078.84    2880.76     6.88
  Bangkok            1580.87    1542.94     2.46
  Manila             7229.85    6840.64     5.69
  Jakarta            5397.858   5296.711    1.91
  Kuala Lumpur       1707.16    1641.73     3.99
  Ho Chi Minh        705.81     664.87      6.16
 (Reporting by Geo Tharappel in Bengaluru; Editing by Subhranshu
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