BANGKOK:'' Most Southeast Asian stock markets pulled back on Tuesday, Feb 15 as China's closely watched inflation data failed to allay concerns over price pressures in emerging markets, but loan growth optimism lifted banks.
Inflation concerns plagued regional sentiment and kept investors cautious over the outlook of corporate profits.
Turnover of Thai stocks fell to 0.86 times their 30-day average, similar to Vietnam's 0.85 times.
"China's inflation has not neutralised fears about inflation. Inflation in Asia is still on the rise and it's not certain when rising prices will peak out," said Bangkok-based Wikij Tirawannarat, senior analyst at broker Capital Nomura.
Thailand's SET index inched up 0.15 percent, erasing most of its early gains, and Vietnam rose 0.7 percent, rebounding on technical-led buying after falls over the past three sessions.
Singapore's Straits Times Index dropped 0.8 percent, in relatively active volume of 1.36 times its 30-day average. Philippines eased 0.2 percent.
Indonesia and Malaysia were shut for a market holiday and trading will resume on Wednesday.
Asian stocks were broadly steady on Tuesday after traders took China's inflation data in stride.
Chinese consumer price inflation accelerated to 4.9 percent in the year to January. It matched the widespread figure that swirled through markets on Monday, but was below the earlier consensus forecast of 5.3 percent.
Southeast Asia's stock markets have underperformed global emerging markets this year. The MSCI Emerging index has fallen nearly 4 percent this year, led by an 11 percent fall in the MSCI index of Philippines.
That compared with a 3.8 percent rise in the MSCI global index.
Palm oil shares were among weak spots, with Malaysian palm oil futures dropping as much as 1 percent on Monday, with
Singapore-listed Noble Group sliding 2.8 percent and Bangkok-listed Sri Trang Agro down 4.2 percent.
But banks generally gained good buying interest on expectations of solid loan demand along with economic growth.
Thailand's biggest Bangkok Bank rose 3.3 percent and Metropolitan Bank & Trust Co (Metrobank), the Philippines' second-largest bank by assets, gained 2.3 percent. - Reuters
Inflation concerns plagued regional sentiment and kept investors cautious over the outlook of corporate profits.
Turnover of Thai stocks fell to 0.86 times their 30-day average, similar to Vietnam's 0.85 times.
"China's inflation has not neutralised fears about inflation. Inflation in Asia is still on the rise and it's not certain when rising prices will peak out," said Bangkok-based Wikij Tirawannarat, senior analyst at broker Capital Nomura.
Thailand's SET index inched up 0.15 percent, erasing most of its early gains, and Vietnam rose 0.7 percent, rebounding on technical-led buying after falls over the past three sessions.
Singapore's Straits Times Index dropped 0.8 percent, in relatively active volume of 1.36 times its 30-day average. Philippines eased 0.2 percent.
Indonesia and Malaysia were shut for a market holiday and trading will resume on Wednesday.
Asian stocks were broadly steady on Tuesday after traders took China's inflation data in stride.
Chinese consumer price inflation accelerated to 4.9 percent in the year to January. It matched the widespread figure that swirled through markets on Monday, but was below the earlier consensus forecast of 5.3 percent.
Southeast Asia's stock markets have underperformed global emerging markets this year. The MSCI Emerging index has fallen nearly 4 percent this year, led by an 11 percent fall in the MSCI index of Philippines.
That compared with a 3.8 percent rise in the MSCI global index.
Palm oil shares were among weak spots, with Malaysian palm oil futures dropping as much as 1 percent on Monday, with
Singapore-listed Noble Group sliding 2.8 percent and Bangkok-listed Sri Trang Agro down 4.2 percent.
But banks generally gained good buying interest on expectations of solid loan demand along with economic growth.
Thailand's biggest Bangkok Bank rose 3.3 percent and Metropolitan Bank & Trust Co (Metrobank), the Philippines' second-largest bank by assets, gained 2.3 percent. - Reuters
No comments:
Post a Comment