October 4, 2018 / 4:09 AM / 2 months ago

SE Asia Stocks-Most decline; Indonesia plunges to near 4-week low

    * U.S. Treasury yield gains hurt markets
    * Indonesia hits more than 2-week low
    * Philippine inflation data on Friday

    By Niyati Shetty
    Oct 4 (Reuters) - Most Southeast Asian stock markets slumped
on Thursday as positive economic data drove U.S. Treasury yields
up and raised the chances of a December rate hike, sending
jitters through the region.
    Shares in Indonesia and Singapore plunged to their lowest in
nearly four weeks and one week, respectively.
    A survey on the U.S. services sector showed activity raced
to a 21-year high in September, driving the U.S. Treasury yields
to their highest since mid-2011, sparking speculation that
payrolls data on Friday could also surprise.
    The upbeat report will likely keep the U.S. Federal Reserve
on track to raise interest rates again in December, after hiking
rates last week for the third time this year.
    However, higher U.S. yields are not favourable for emerging
markets as they tend to draw away much-needed foreign funds
while pressuring local currencies.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 dipped 1.5 pct. 
    Philippine shares fell 0.8 percent, reversing gains
from the previous session, to an over one-week low. Real estate
stocks hurt the index the most, as Ayala Land and SM
Prime Holdings lost 2.6 percent and 0.6 percent,
respectively.
    The country's annual inflation data, which is due on Friday,
likely continued to rise in September, keeping pressure on the
central bank to raise interest rates further.
    "Rising yields abroad are going to impact our exchange rate
because of the interest parity factor. It furthers the
inflationary pressure on the Philippines because imports as a
substitute for local supplies would be more expensive for us,"
said Jose Vistan, Research Head at AB Capital Securities in
Manila.
    Indonesia's benchmark index fell as much as 1.6
percent, extending loses into a fourth straight session, with
financials and consumer stocks hurting the most.
    Bank Central Asia lost 1.5 percent and Unilever
Indonesia slid 2.2 percent.
    The index of the country's 45 most liquid stocks
was down 1.9 percent.
    Singapore's index lost as much as 1.2 percent,
weighed down by financial and industrials sectors.
    Oversea-Chinese Banking Corporation slipped 1.2
percent and conglomerate Jardine Matheson Holdings
fell 2 percent. 
    Thai shares fell for the third straight session,
while the Malaysian index fell 0.2 percent. Vietnam
index edged up 0.2 percent. 
   
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SOUTHEAST ASIAN STOCK MARKETS: CHANGE AS AT 0333 GMT
    
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3239.76   3267.4          -0.85
 Bangkok            1738.87   1741.96         -0.18
 Manila             7150.8    7210.87         -0.83
 Jakarta            5780.935  5867.737        -1.48
 Kuala Lumpur       1792.36   1796.3          -0.22
 Ho Chi Minh        1022.46   1020.4          0.20
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3239.76   3402.92         -4.79
 Bangkok            1738.87   1753.71         -0.85
 Manila             7150.8    8558.42         -16.45
 Jakarta            5780.935  6355.654        -9.04
 Kuala Lumpur       1792.36   1796.81         -0.25
 Ho Chi Minh        1022.46   984.24          3.88
 
 (Reporting by Niyati Shetty; Editing by Gopakumar Warrier)
  
Nuestros Estándares:Los principios Thomson Reuters
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