July 10, 2017 / 10:33 AM / a year ago

SE Asia Stocks-Largely down on fund outflow worries; Singapore up

    By Chris Thomas
    July 10 (Reuters) - Most Southeast Asian stock markets fell
on Monday on concerns about foreign fund outflows from emerging
markets to better-yielding U.S. assets as solid jobs data
cemented expectations of more rate hikes by the Federal Reserve.
    U.S. job growth surged more than expected in June,
signalling that the Fed could be on course for a third interest
rate hike this year despite sluggish wage gains.
    "Though this (upbeat jobs figures) signifies a strong
recovery in the U.S. economy, there are also concerns that a
rate hike is looming in the United States," said Lexter Azurin,
a senior analyst with Manila-based AB Capital Securities.
    Philippine shares ended 0.7 percent lower, their
biggest drop in more than one week. Telecom company PLDT Inc
 led the decline, falling 3.3 percent to post its lowest
close in nearly seven weeks.
    Malaysian shares fell 0.2 percent to close at their
lowest since April 21. Petronas Chemicals Group was
the biggest drag, falling 2.8 percent to close at its lowest in
more than six months, while Genting Bhd dropped 1.7
    Vietnam shares dropped 1.2 percent, their biggest
fall in nearly seven months.
    Fiachra Mac Cana, head of research at Ho Chi Minh
Securities, called this a "long overdue correction".
    Indonesian shares fell 0.7 percent to close at their
lowest in three weeks after the main index opened an hour late
due to a technical glitch. 
    Unilever Indonesia fell 2.9 percent, while Bank
Rakyat Indonesia shed 2.2 percent.
    An index of the country's 45 most liquid stocks
dropped 1 percent.
    Singapore shares bucked the trend to end 0.5 percent
higher, backed by strong performances in financial and telecom
    DBS Group ended 0.8 percent higher, while
Oversea-Chinese Banking Corp and Singapore
Telecommunications gained 1 percent each.
    Thailand was closed for a holiday.
For Asian Companies click;  
  Change on day                                        
  Market          Current      Previous Close  Pct Move
  Singapore       3246.35      3229.01         0.54
  Manila          7837.47      7889.33         -0.66
  Jakarta         5771.506     5814.793        -0.74
  Kuala Lumpur    1757.13      1759.93         -0.16
  Ho Chi Minh     766.56       775.73          -1.18
  Change on year                               
  Market          Current      End 2016        Pct Move
  Singapore       3246.35      2880.76         12.69
  Manila          7837.47      6840.64         14.57
  Jakarta         5771.506     5296.711        8.96
  Kuala Lumpur    1757.13      1641.73         7.03
  Ho Chi Minh     766.56       664.87          15.29
 (Reporting by Chris Thomas; Editing by Subhranshu Sahu)
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