March 14, 2019 / 3:41 AM / 2 months ago

SE Asia Stocks-Remain in wait-and-watch mode after mixed China data

    * China's Jan-Feb industrial output slips, investment picks
up
    * Profit taking may be likely in near term - Singapore
analyst

    By Rashmi Ashok
    March 14 (Reuters) - Southeast Asian stock markets remained
subdued on Thursday in thin trade, as investors chose to wait
and watch, after a mixed set of economic data from the region's
largest trading partner China kept them on edge.
    China's January-February industrial output slipped to a
17-year low, but investment picked up pace during the period as
the government boosted road and rail projects in a bid to avert
a slowdown.
    However, retail sales were marginally better-than-expected,
with the headline figure rising 8.2 percent in January-February
from a year earlier, in line with December.
    Singapore's index slipped for a second straight day
amid thinly traded volumes, after posting the sole loss in the
region in the previous session.
    "Investors seem to be taking a wait and see approach,
reflected by the lower trading volumes. Fundamental data is
really weakening," said Joel Ng, analyst at KGI Securities,
referring to China's industrial output data.
    He added that profit taking was likely in the near term as a
result of China's downcast data, as investors looked closely for
signs of a slowing in Singapore's largest trading partner's
economy
    Lender Oversea-Chinese Banking Corp Ltd edged
lower, while index heavyweight Jardine Matheson Holdings Ltd
 fell about 2.6 percent to weigh on the index.
    Philippine's index also slipped, as financial and
consumer stocks both weighed on the index. Metropolitan Bank &
Trust Company fell 1 percent while food and beverage
manufacturer Universal Robina Corp lost 1.2 percent.
    Meanwhile, investors in Indonesia and Thailand appeared
non-committal, with shares trading little changed. Malaysian
stocks edged slightly lower.
    Vietnamese stocks slipped, with consumer stocks
weighing on the country's benchmark. Dairy processor Vietnam
Dairy Products JSC was down nearly 1 percent.
    
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SOUTHEAST ASIAN STOCK MARKETS at 0318 GMT
    
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3191.71   3195.59         -0.12
 Bangkok                1641.05   1639.67         0.08
 Manila                 7749.18   7766.15         -0.22
 Jakarta                6381.403  6377.575        0.06
 Kuala Lumpur           1675.62   1678.24         -0.16
 Ho Chi Minh            1002.35   1005.41         -0.30
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3191.71   3068.76         4.01
 Bangkok                1641.05   1563.88         4.93
 Manila                 7749.18   7,466.02        3.79
 Jakarta                6381.403  6,194.50        3.02
 Kuala Lumpur           1675.62   1690.58         -0.88
 Ho Chi Minh            1002.35   892.54          12.30
 

 (Reporting by Rashmi Ashok in Bengaluru; Editing by Rashmi
Aich)
  
Nuestros Estándares:Los principios Thomson Reuters
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