April 29, 2019 / 4:01 AM / a year ago

SE Asia Stocks-Most weaken; Singapore at 11-month high on DBS results

    * DBS Group earnings propel Singapore shares 
    * Energy stocks lead losses in Thailand
    * Investors cautious ahead of China factory data and Fed

    By Aditya Soni
    April 29 (Reuters) - Singapore shares touched a near
11-month peak on Monday, boosted by DBS Group Holdings
after the lender posted a record quarterly profit, while most
other Southeast Asian markets slipped as soft U.S. inflation
data eclipsed upbeat GDP numbers.
    DBS Group, Southeast Asia's biggest lender, beat estimates
to report its highest-ever quarterly profit, sending shares up
2.9 percent to their firmest level since June 2018.
    The bank's first-quarter results helped boost buying
interest in the city-state's financial services stocks, making
it the best performing sector and propelling the Singapore's
benchmark index to its highest since June 14, 2018. 
    Oversea-Chinese Banking Corp Ltd firmed to a near
nine-month high, while United Overseas Bank Ltd saw
its best session in nearly four weeks. 
    However, the rest of Southeast Asia seemed to shrug off
upbeat GDP data from the world's largest economy. The burst in
U.S. growth was driven by a smaller trade deficit and the
largest accumulation of unsold merchandise since 2015, temporary
boosters that are seen weighing on the economy later this year.

    The U.S. GDP print of 3.2 percent annualised growth should
be taken with a "pinch of salt", said Jeffrey Halley, senior
market analyst, OANDA. 
    "Stockpiled inventories accounted for nearly half the
number, bringing it much closer to market forecasts. My
interpretation is that American businesses are still stockpiling
goods as a hedge against a breakdown in U.S.-China trade talks,"
he added. 
    Investors maintained a cautious stance ahead of the U.S.
Federal Reserve meeting and Chinese factory data due this week. 
    A dovish turn of the U.S. Federal Reserve coupled with
China's pledge to support the economy has allowed Southeast
Asian equities to stage a strong rebound this year after posting
hefty losses in 2018. 
    Malaysian stocks slipped 0.4 percent to mark their
worst session in nearly two weeks, while Thai shares
dipped 0.2 percent. 
    Energy stocks dominated the losses in Thailand as crude
prices dropped again on Monday after slumping 3 percent in the
previous session.
    Index heavyweight PTT PCL slipped 0.5 percent,
while PTT Exploration and Production PCL slid 1.1
    Philippines stocks edged lower, while Indonesian
shares were little changed. 
    Vietnam markets were closed for a regional holiday. 
For Asian Companies click;  

 Market          Current   Previous close  Pct Move
 Singapore       3385.22   3356.95          0.84
 Bangkok         1664.44   1667.15         -0.16
 Manila          7867.3    7868.28         -0.01
 Jakarta         6404.421  6401.08          0.05
 Kuala Lumpur    1632.48   1638.38         -0.36
 Change on year                            
 Market          Current   End 2018        Pct Move
 Singapore       3385.22   3068.76         10.31
 Bangkok         1664.44   1563.88         6.43
 Manila          7867.3    7466.02         5.37
 Jakarta         6404.421  6194.498        3.39
 Kuala Lumpur    1632.48   1690.58         -3.44
 Ho Chi Minh     979.64    892.54          9.76

 (Reporting by Aditya Soni in Bengaluru; Editing by Sherry
Nuestros Estándares:Los principios Thomson Reuters
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