SE Asia Stocks-Singapore falls over 1 pct on financials

* Singapore posts fourth weekly gain in five
* Thailand snaps five straight weekly gains
* Philippines down after 4 straight weekly gains

By Sumeet Gaikwad
Aug 10 (Reuters) - Singapore shares fell over 1 percent on
Friday as global trade worries and weak oil prices hurt investor
risk appetite, while most other Southeast Asian stock markets
were subdued in the absence of supportive news.
Singapore's FTSE Straits Times Index closed 1.3
percent lower, but posted a rise of 0.6 percent for the week in
their fourth weekly gain in five.
Financials were the top losers on Friday with DBS Group
Holdings Ltd shedding 1.6 percent, while
Oversea-Chinese Banking Corp Ltd declined 1.7 percent.
Among other losers, Keppel Corp Ltd fell 2.9 percent.
"Investors are generally cautious after more muted guidance
from companies following the release of second-quarter results.
Most companies generally met expectations. However, the tariffs
being implemented by China and the United States are starting to
impact the real economy," said Liu Jinshu, director of research
at NRA Capital.
Global trade tensions deepened following Washington's threat
that it would impose fresh sanctions on Russia after it found
that Moscow had used a nerve agent against a former Russian
double agent and his daughter in Britain.
Oil prices declined on worries that an escalating trade
dispute between Washington and Beijing will stall economic
growth and demand for fuel.
"Oil prices are dipping towards recent lows, and this could
increase headwinds to the offshore marine sector and Singapore
banks' loan portfolio," said Wei Liang Chang, an FX strategist
with Mizuho Bank.
Thai shares closed 1 percent lower, snapping three
straight sessions of gains, with consumer staples and energy
stocks leading the decline.
Convenience store operator CP All Pcl fell 3.7
percent and PTT Exploration and Production shed 2.1
percent.
For the week, Thai shares fell 0.4 percent after five
straight weeks of gains.
Philippines stocks erased early gains to close
marginally lower, dragged by financials.
Ayala Corp was the biggest drag on the index with a
drop of 2.5 percent, while International Container terminal
Services declined 2.8 percent.
For the week, Philippine shares closed marginally lower,
snapping four consecutive weekly gains.
Indonesian shares closed higher for a second session
in three and posted their third consecutive weekly gain.
Consumer products maker Unilever Indonesia was the
biggest contributor with a gain of 1.3 percent, while Bank
Rakyat Indonesia rose 1.8 percent.
An index of the country's 45 most liquid stocks
climbed 0.3 percent.

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SOUTHEAST ASIAN STOCK MARKETS
Change on day
Market Current Previous Close Pct Move
Singapore 3284.78 3326.74 -1.26
Bangkok 1705.96 1722.48 -0.96
Manila 7804.98 7820.71 -0.20
Jakarta 6077.173 6065.256 0.20
Kuala Lumpur 1805.75 1804.95 0.04
Ho Chi Minh 968.47 963.5 0.52

Change on year
Market Current End 2017 Pct Move
Singapore 3284.78 3402.92 -3.47
Bangkok 1705.96 1753.71 -2.72
Manila 7804.98 8558.42 -8.80
Jakarta 6077.173 6355.654 -4.38
Kuala Lumpur 1805.75 1796.81 0.50
Ho Chi Minh 968.47 984.24 -1.60

(Reporting by Sumeet Gaikwad in Bengaluru; Editing by
Subhranshu Sahu)


First Published: 2018-08-10 07:32:42
Updated 2018-08-10 12:00:07


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