August 16, 2017 / 5:43 AM / a year ago

SE Asia Stocks-Singapore hits 1-month low as financials drag

    By Urvashi Goenka
    Aug 16 (Reuters) - Singapore shares hit a one-month low on
Wednesday, dragged down by financials, while other Southeast
Asian stock markets were subdued in line with Asia as tensions
in the Korean peninsula simmered down a little. 
    The Singapore index lost as much as 1.1 percent, with
financial stocks accounting for more than half of the losses.
    Top lenders DBS Group Holdings fell as much as 1.4
percent and Oversea-Chinese Banking Corp slipped 1.8
    "The interest rates have not really been rising as much as
people are expecting, so that will definitely impact the
interest margin going forward," said Joel NG, an analyst with
KGI Securities in Singapore.
    "Another reason has also been that many of the oil and gas
companies are now having huge writedowns on their assets. I
think that is also affecting the banks somewhat."
    Singapore's offshore and marine industry has been hit by low
oil prices, weak charter rates and delays to projects, forcing
many firms to restructure debt and cut costs.
    Energy stocks also fell, with offshore rig builder Keppel
Corp shares were down as much as 1.7 percent on
Wednesday, while Sembcorp Industries was down 1.3
    In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan edged up 0.1 percent, while the 
dollar rallied to its highest level against a basket of major
currencies in nearly three weeks.    
    Thai shares fell 0.1 percent, hurt by financials and
energy stocks. Telecommunications company Samart Corp
 fell as much as 4.4 percent, on track for a fifth
session of losses.   
    Thailand's central bank on Wednesday is expected to keep its
benchmark interest rate unchanged where it has been more than
two years, a Reuters poll showed.
    Philippine shares were marginally higher, while
Indonesia rose as much as 0.3 percent.
For Asian Companies click;  

  Change on day                                        
  Market           Current       previous     Pct Move
  Singapore        3265.99       3294.93      -0.88
  Bangkok          1563.9        1567.19      -0.21
  Manila           8019.54       8009.41      0.13
  Jakarta          5850.012      5835.041     0.26
  Kuala Lumpur     1773.01       1772.39      0.03
  Ho Chi Minh      769.64        771.06       -0.18
  Change on year                              
  Market           Current       End prev yr  Pct Move
  Singapore        3265.99       2880.76      13.37
  Bangkok          1563.9        1542.94      1.36
  Manila           8019.54       6840.64      17.2
  Jakarta          5850.012      5296.711     10.45
  Kuala Lumpur     1773.01       1641.73      8.00
 Ho Chi Minh       769.64        664.87       15.8

 (Reporting by Urvashi Goenka; Editing by Biju Dwarakanath)
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