SE Asia Stocks-Largely subdued on U.S. tax reform uncertainty
By Karthika Suresh Namboothiri
Nov 10 (Reuters) - Most Southeast Asian stock markets were
subdued on Friday as uncertainty around U.S tax reforms kept
investors on the back foot after Senate Republicans unveiled a
plan that differed from the House of Representatives.
U.S. Republican Senators on Thursday said they want to slash
the corporate tax rate in 2019, later than the House's proposed
schedule of 2018, complicating a push for the biggest overhaul
of U.S. tax law since the 1980s.
MSCI's index of Asia-Pacific shares outside Japan
fell 0.1 percent.
"Growing uncertainty about U.S. tax reforms spooked markets
yesterday and there seems to be no relief on the way from
elevated market volatility in the Asian session today," ING said
in a note.
Singapore shares traded flat and were on track to end
the week 1.4 percent higher, after hovering around two-year
highs for three straight sessions.
DBS Group Holdings in the financial sector, down
0.3 percent, was the biggest loser on the index, after the
nation's lender ended a day earlier at its highest in nearly 18
years.
Philippine stocks inched lower, a day after the
Philippine central bank maintained its benchmark interest rate
at 3 percent on Thursday.
Inflation in the country remained manageable, despite
continuing robust growth in the economy.
The central bank on Thursday also left unchanged the
interest rates on its overnight lending and deposit facilities
and the reserve requirement ratios for banks.
The Indonesian index edged 0.2 percent lower, on
track for a third consecutive session of losses, dragged by
stocks from the financial and energy sectors.
An index of the country's 45 most liquid stocks
was trading 0.3 percent lower.
PT Bank Central Asia Tbk fell 0.6 percent, while
mining contractor PT United Tractors Tbk slipped 3.8
percent.
Vietnam stocks hit a fresh near-decade high with real
estate developers Vincom Retail Joint Stock Company
gaining 6.9 percent.
Thailand shares edged 0.1 percent down in lean
trading.
Electric wire manufacturer Charoong Thai Wire & Cable Public
Company fell 2 percent while materials dealer Indorama
Ventures Public Company was up 3.1 percent.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0352 GMT
Change on the
day
Market Current Previous Pct Move
close
Singapore 3426.15 3423.91 0.07
Bangkok 1698.5 1703.03 -0.27
Manila 8514.98 8519.82 -0.06
Jakarta 6034.167 6042.46 -0.14
Kuala Lumpur 1745.26 1746.81 -0.09
Ho Chi Minh 866.14 860.4 0.67
Change on year
Market Current End 2016 Pct Move
Singapore 3426.15 2880.76 18.93
Bangkok 1698.5 1542.94 10.08
Manila 8514.98 6840.64 24.48
Jakarta 6034.167 5296.711 13.92
Kuala Lumpur 1745.26 1641.73 6.31
Ho Chi Minh 866.14 664.87 30.27
(Reporting by Karthika Namboothiri in Bengaluru; Editing by
Vyas Mohan)
