By Nikhil Nainan
Dec 6 (Reuters) - Most Southeast Asian stock markets fell on
Wednesday as overnight losses on Wall Street hurt broader
sentiment in Asia, with Singapore falling to its lowest in two
weeks, weighed down by lenders.
U.S. technology stocks stuttered yet again after a brief
pickup, with investors switching to banks, retailers and other
stocks who are seen likely to benefit from the U.S. tax bill.
MSCI's broadest index of Asia-Pacific shares outside Japan
shed 0.8 percent, as investors remained cautious
to the extent of declines in the U.S. market.
Singapore shares fell 0.6 percent, with top lenders,
DBS Group Holdings, United Overseas Bank and
Oversea-Chinese Banking Corp posting losses in the
range of 1.3 percent to 1.7 percent.
Malaysian shares slipped 0.4 percent, giving up the
previous session's gains, after data showed exports rose 18.9
percent in October, beating expectations, on the back of higher
demand for manufactured and mining goods.
"2017 is ending as the best year for Malaysia's trade and
external surpluses since 2010," Prakash Sakpal, Asia economist
at ING, wrote in a note, adding that an undervalued currency was
among the factors that provided favourable terms of trade.
"We expect Bank Negara Malaysia to be the next in line of
Asian central banks to hike after the Bank of Korea, and we
forecast a 25bp BNM rate hike in 1Q18," Sakpal wrote.
Financials dragged the index lower, with Hong Leong Bank
losing 5.4 percent, while Malayan Banking
fell 1.4 percent.
Meanwhile, Indonesian shares rose 0.6 percent, with
the index of the country's 45 most liquid stocks
climbing 0.8 percent.
Financial and consumer discretionary stocks aided the gains
on the index, with Bank Central Asia Tbk PT and Astra
International Tbk PT rising 1.7 percent and 1.8
Philippine stocks rose 0.5 percent, with heavyweights
SM Investment up 1 percent and Ayala Corp
adding 1.4 percent.
Thai stock market edged lower as trading resumed
after Tuesday's holiday, led by losses in consumer staples and
Vietnam shares dropped 0.9 percent to a week's low,
with consumer staples and real estate stocks weighing on the
Vietnam Dairy Products JSC and Vingroup JSC
fell 3 percent and 2.1 percent, respectively.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: CHANGE AT 0402 GMT
Change at 0402 GMT
Market Current Previous close Pct Move
Singapore 3416.68 3438.06 -0.62
Bangkok 1690.94 1697.61 -0.39
Manila 8183.92 8145 0.48
Jakarta 6038.497 6000.474 0.63
Kuala Lumpur 1718.82 1724.84 -0.35
Ho Chi Minh 945.04 953.3 -0.87
Change so far this year
Market Current End 2016 Pct Move
Singapore 3416.68 2880.76 18.60
Bangkok 1690.94 1542.94 9.59
Manila 8183.92 6840.64 19.64
Jakarta 6038.497 5296.711 14.00
Kuala Lumpur 1718.82 1641.73 4.70
Ho Chi Minh 945.04 664.87 42.14
(Reporting by Nikhil Kurian Nainan; Editing by Amrutha