Philippines set for 4th winning week, S'pore to mark weekly drop

-A +A

BENGALURU (Aug 3): Southeast Asian stock markets stuck to narrow trading ranges on Friday, before the release of the closely watched monthly US jobs report, which may provide clues on the pace of Federal Reserve interest rate increases.

Broader Asian shares held steady following tech-led gains on Wall Street, as lingering trade worries sapped investor confidence, with China vowing to retaliate if Washington pursued its threat of increasing tariffs to 25% from 10% on US$200 billion of Chinese imports.

"Asian markets may trade sideways today, awaiting tonight's US labour market report, specifically the nonfarm payrolls, unemployment rate and average hourly earnings," OCBC Bank said in a note.

Singapore shares were set for a 1.4% weekly drop, edging slightly lower on Friday.

DBS Group Holdings extended losses after reporting a lower-than-expected second-quarter profit on Thursday.

However, its rival United Overseas Bank reported a 28% jump in second-quarter profit on Friday, exceeding market expectations, sending its shares higher.

The Philippines was on track for its fourth gaining week as shares rebounded on Friday after the previous session's 1% slide.

Lender Metropolitan Bank & Trust Co gained 3.3%, while Bank Of The Philippine Islands rose 1.2%.

Malaysian shares held steady as losses in telecom shares offset gains in utilities. Telekom Malaysia Bhd dropped 3.6% while Axiata Group BDH slipped 1.8%.

Malaysia's exports rebounded in June from the previous month, but the pace of growth was well below expectations as commodity shipments fell, data showed. 

SOUTHEAST ASIAN STOCK MARKETS as at 0420 GMT  

Market            Current   Previous close  % move
Singapore          3279.54   3286.32         -0.21
Bangkok            1714.96   1708.28         0.39
Manila             7779.22   7759.55         0.25
Jakarta            5999.057  6011.723        -0.21
Kuala Lumpur       1778.44   1778.13         0.02
Ho Chi Minh        960.9     953.55          0.77

Change on year

Market             Current   End 2017        % move
Singapore          3279.54   3402.92         -3.63
Bangkok            1714.96   1753.71         -2.21
Manila             7779.22   8558.42         -9.10
Jakarta            5999.057  6355.654        -5.61
Kuala Lumpur       1778.44   1796.81         -1.02
Ho Chi Minh        960.9     984.24          -2.37