By Shreya Mariam Job
June 24 (Reuters) - Indonesia led declines among Southeast
Asian stock markets on Monday, as investors were wary due to
rising oil prices and uncertainties ahead of fresh round of
Sino-U.S. trade talks, while Vietnam rose buoyed by financial
and real estate stocks.
Oil prices rose on Monday, extending vast gains last week
prompted by tensions between Iran and the United States, as
Washington was set to announce new sanctions on Tehran. O/R
On the other hand, investors are hoping for signs of a thaw
in the prolonged trade war with the leaders of U.S. and China
expected to meet at this week's G20 summit in Japan.
Indonesian stocks .JKSE dropped 0.4% leading declines in
the region with telecom and material stocks dragging the index.
Shares of Telekomunikasi Indonesia TLKM.JK shed 1.5%,
while Unilever Indonesia Tbk Pt UNVR.JK shed 1.4%.
The country's foreign trade surprisingly swung back to a
surplus in May, against market expectations of a $1.38 billion
deficit. However, oil and gas deficit was still rather elevated in
May, according to an OCBC note.
"In our view, we see that this May trade surplus does help
to further strengthen the opportunity for Bank Indonesia (BI) to
cut the benchmark rate soon in 3Q 2019 possibly by 25bps," the
note added.
Singapore's benchmark stock index .STI dropped 0.3%
dragged by industrials and financials.
Singapore's all-items inflation picked up slightly in May
and was higher than expected due to increased transport costs,
data showed on Monday. Investors snapped up profits among financial stocks with
United Overseas Bank Ltd UOBH.SI shedding 1.8% and snapping 11
straight sessions of gains, and shares of Oversea-Chinese
Banking Corp Ltd OCBC.SI losing 0.6% after six consecutive
sessions of gains.
Meanwhile, Jardine Matheson Holdings Ltd JARD.SI shed
0.6%.
Telecom stocks dragged the Malaysian benchmark .KLSE 0.4%
lower with Axiata group Bhd AXIA.KL and Maxis Bhd MXSC.KL
shedding 1.2% and 1%, respectively.
Meanwhile, Vietnam's index .VNI rose 0.4% with gains
concentrated among financial and real estate stocks.
Joint Stock Commercial bank for foreign trade of Viet Nam
VCB.HM gained 2.8%, while Vingroup JSC VIC.HM rose 1.7%.
Thai .SETI and Philippine indexes .PSI traded relatively
flat.
Thailand's annual manufacturing output in May probably eased
slightly after unexpectedly rising in the previous month, a
Reuters poll showed with data expected to be released on
Tuesday. Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS
Change on the day
Market Current Previous close Pct Move
Singapore 3311.53 3321.4 -0.30
Bangkok 1716 1717.14 -0.07
Manila 8060.58 8055.47 0.06
Jakarta 6288.465 6315.436 -0.43
Kuala Lumpur 1676.13 1682.23 -0.36
Ho Chi Minh 962.85 959.2 0.38
Change so far in 2019
Market Current End 2018 Pct Move
Singapore 3311.53 3068.76 7.91
Bangkok 1716 1563.88 9.73
Manila 8060.58 7,466.02 7.96
Jakarta 6288.465 6,194.50 1.52
Kuala Lumpur 1676.13 1690.58 -0.85
Ho Chi Minh 962.85 892.54 7.88