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SE Asia Stocks-Most edge lower as China factory-gate prices shrink

Published 09/10/2019, 06:10 PM
SE Asia Stocks-Most edge lower as China factory-gate prices shrink
TEL
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STI
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JARD
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YAZG
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JKSE
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KLSE
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AXIA
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CELC
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SETI
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PSI
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BPI
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SMPH
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BVH
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SAB
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VNI
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* Philippines snaps four straight sessions of gains
* Malaysia's Axiata hits over 4-month closing low

By Shreya Mariam Job
Sept 10 (Reuters) - Most Southeast Asian stock markets
reversed gains on Tuesday to close slightly lower as China's
deepening factory deflation dampened investor sentiment, with
Malaysia dragged lower by telecom giant Axiata.
China, the region's biggest trading partner, saw
factory-gate prices shrink at the sharpest pace in three years
in August, falling deeper into deflationary territory and
reinforcing the urgency for Beijing to step up economic
stimulus. Malaysian stocks .KLSE were the top losers in Southeast
Asia, with Axiata Group Bhd AXIA.KL shedding 15.8% to its
lowest close in over four months after talks with Norway's
Telenor TEL.OL to set up a joint venture fell through.
"This removes the prospect for $5 billion of potential deal
synergies," brokerage Jefferies said in a research note.
Digi.com Bhd DSOM.KL , a unit of Telenor, dropped 5.9%.
Investors now await a central bank policy meeting on
Thursday for clues on interest rates. A Reuters poll shows Bank
Negara Malaysia is expected to keep its benchmark interest rate
unchanged. Philippine stocks .PSI dropped 0.4%, snapping four
straight sessions of gains, following weak trade data for July.
The country's trade deficit widened to $3.39 billion in July
from $2.47 billion in June.
Financials dragged the benchmark stock index lower, with SM
Prime Holdings Inc SMPH.PS and Bank of the Philippine Islands
BPI.PS shedding 1.2% and 2.7%, respectively.
Vietnam shares .VNI fell 0.4%, dragged by consumer and
financial stocks. Saigon Beer Alcohol Beverage Corp SAB.HM and
BaoViet Holdings BVH.HM dipped 1.1% and 3.6%, respectively.
Thai shares .SETI slipped 0.3%, pulled down by telecom and
consumer stocks.
Singapore and Indonesian stocks closed slightly higher.
Singapore's Straits Times Index .STI gained 0.3% on the back
of industrials.
"For the industrial sector, it helps that oil prices have
stayed resilient during this period of time and are slowly
trending higher, which bodes well for our offshore and marine
sector," said Liu Jinshu, director of research at Tayrona
Financial.
Yangzijiang Shipbuilding Holdings Ltd YAZG.SI gained 3.1%,
while industrial conglomerate Jardine Matheson Holdings Ltd
JARD.SI rose 1.8%.
In Indonesia, financials helped the benchmark stock index
.JKSE close 0.2% higher. Retail sales grew 2.4% in July after
a 1.8% decline a month earlier.

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SOUTHEAST ASIAN STOCK MARKETS

Change on the day
Market Current Previous close Pct Move
Singapore 3155.71 3146.33 0.30
Bangkok 1665.93 1671.22 -0.32
Manila 7929.48 7960.12 -0.38
Jakarta 6336.673 6326.213 0.17
Kuala Lumpur 1595.85 1604.47 -0.54
Ho Chi Minh 970.26 974.12 -0.40

Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3155.71 3068.76 2.83
Bangkok 1665.93 1563.88 6.53
Manila 7929.48 7,466.02 6.21
Jakarta 6336.673 6,194.50 2.30
Kuala Lumpur 1595.85 1690.58 -5.60
Ho Chi Minh 970.26 892.54 8.71

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