SE Asia Stocks-Singapore falls nearly 1 pct; others flat ahead of Yellen

By Chris Thomas
July 11 (Reuters) – Singapore shares fell nearly 1 percent
on Tuesday, while other Southeast Asian stock markets marked
time with investors awaiting comments from Federal Reserve Chair
Janet Yellen for fresh cues on policy direction.
Yellen starts two days of testimony on Wednesday as the Fed
prepares to unwind the massive hoard of bonds it bought to ease
the financial crisis.
“A Fed rate hike can further dampen appetite for emerging
markets as it points to further strengthening in the investment
environment for developed markets,” said Grace Aller, an analyst
with Manila-based AP Securities.
Singapore shares snapped two sessions of gains with
most constituents posting losses.
“The performance of the STI today could have been due to
fund flows by index-tracking funds and products,” said Liu
Jinshu, director of research, NRA Capital.
“Generally, investors are also waiting for Yellen’s
testimony this week for clues about ‘reverse’ quantitative
Global Logistic Properties was the biggest drag
with a drop of 5.9 percent, while DBS Group declined
1.1 percent.
Philippine shares closed 0.3 percent higher, helped
by industrial and real estate stocks.
Philippine exports rose for a sixth straight month in May,
up 13.7 percent from a year earlier, while imports climbed 16.6
International Container Terminal Services Inc was
among the biggest gainers, closing at its highest in nearly a
month, after the company signed a memorandum of understanding
with contractor Dredging International to co-operate in further
deepening of the Congo River.
Property developer Ayala Land closed 1.3 percent
higher after rising as much as 1.8 percent to its highest in
nearly three weeks.
Vietnam shares came of early losses to close 0.4
percent higher, lifted by real estate and consumer stocks.
Thai, Indonesian and Malaysian
shares were largely flat.

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Change on day
Market Current Previous Close Pct Move
Singapore 3218.8 3246.35 -0.85
Bangkok 1569.24 1569.44 -0.01
Manila 7858.14 7837.47 0.26
Jakarta 5773.326 5771.506 0.03
Kuala Lumpur 1755.03 1757.13 -0.12
Ho Chi Minh 769.36 766.56 0.37

Change on year
Market Current End 2016 Pct Move
Singapore 3218.8 2880.76 11.73
Bangkok 1569.24 1542.94 1.70
Manila 7858.14 6840.64 14.87
Jakarta 5773.326 5296.711 9.00
Kuala Lumpur 1755.03 1641.73 6.90
Ho Chi Minh 769.36 664.87 15.72

(Reporting by Chris Thomas; Editing by Subhranshu Sahu)