August 29, 2017 / 10:19 AM / a year ago

SE Asia Stocks-Fall as N.Korea tensions intensify

    By Ambar Warrick
    Aug 29 (Reuters) - Southeast Asian stock markets, except
Thailand, ended lower on Tuesday as risk appetite took a hit
after North Korea fired a missile that flew over Japan, sharply
escalating tensions on the Korean peninsula and prompting
investors to seek safer assets.
    The test of the missile, which landed in waters off the
northern region of Hokkaido early on Tuesday, was one of the
most provocative ever from the reclusive state and came as U.S.
and South Korean forces conduct annual military exercises on the
    World stocks slipped while
safe-haven assets jumped, with gold prices hitting over
nine-month highs and the Japanese yen at its highest in
more than four months against the dollar.
    In Southeast Asia, the Singapore index ended 0.6
percent lower, hurt by financials and telecom stocks. 
    Oversea-Chinese Banking Corporation Ltd ended 0.5
percent lower, while Singapore Telecommunications Ltd
closed at its lowest in nearly nine months.
    "Bank stocks are weakening on (U.S. Federal Reserve Chair)
Yellen's speech last Friday, as the odds of an interest rate
hike in December have dropped and investors are pricing in a
less steep yield curve going forward, which implies that net
interest margins at banks will not rise as rapidly as previously
expected," said Liu Jinshu, director of research at NRA Capital.
    Philippine stocks hit a more than two-week closing
low on weaker industrial and real estate stocks.
    Conglomerate SM Investments Corp hit a more than
three-week closing low, while Ayala Land Inc ended 1.4
percent lower.
    Thailand however surged to a more than two-year high
after the central bank said there was no need at present to
introduce capital controls or additional measures to curb the
baht's strength.
    This, along with easing political tensions after ousted Thai
prime minister Yingluck Shinawatra fled the country ahead of a
verdict against her in a negligence trial, were the main reasons
for the market rally, said Teerada Charnyingyong, a strategist
at Phillip Capital Thailand.
    The gains on the index were broad-based, with energy and
financials stocks leading. 
For Asian Companies click;  

 Change on day                                      
 Market                   Current   Previous Close  Pct Move
 Singapore                3249.34   3267.62         -0.56
 Bangkok                  1614.14   1585.79         1.79
 Manila                   7948.39   8015.14         -0.83
 Jakarta                  5888.212  5903.341        -0.26
 Kuala Lumpur             1761.14   1769.49         -0.47
 Ho Chi Minh              774.03    777.26          -0.42
 Change so far this year                            
 Market                   Current   End 2016        Pct Move
 Singapore                3249.34   2880.76         12.79
 Bangkok                  1614.14   1542.94         4.61
 Manila                   7948.39   6840.64         16.19
 Jakarta                  5888.212  5296.711        11.17
 Kuala Lumpur             1761.14   1641.73         7.27
 Ho Chi Minh              774.03    664.87          16.42
 (Reporting by Ambar Warrick in Bengaluru; Editing by Biju
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