BANGKOK, July 2 — Southeast Asian stock markets were mixed today, with Singapore snapping a two-day winning streak, hurt by losses in big-cap financials and property, while Thailand hit a one-week low, pulled down by oil stocks.
Singapore’s benchmark index lost 1.35 per cent, dragged down by DBS Group, Southeast Asia’s largest bank, which fell 2.84 per cent, while Thailand’s index fell 1.85 per cent to a one-week low, with top energy firm PTT off 2.1 per cent.
Trading was cautious ahead of US job data, with the unemployment rate forecast to rise to a 26-year high of 9.6 per cent. The report is expected to depict an economy still wallowing in recession, but could show the pace of job losses has slowed.
“Selling orders in some markets continued after last week’s rallies, while overall sentiment remains under pressure due to worries about the economic recovery,” said Kosin Sripaiboon, head of research at UOB Hay Hian Securities.
“The markets should remain volatile and in a narrow range tomorrow, with investors focusing on the US jobs data,” he added.
Other decliners in Singapore included property firm Capitaland, Southest Asia’s top developer, down 3.2 per cent, and United Overseas Bank, down 1.23 per cent.
Sembcorp Marine, the world’s second-largest rig builder, rose as much as 1.45 per cent after its wholly owned unit, Jurong Shipyard, secured a rig order worth US$237.3 million (RM840 million) from Oban B Ltd.
In Bangkok, falls in heavyweight energy shares dragged the market down, with PTT Exploration and Production easing 3.4 per cent, while PTT Chemical fell 5.3 per cent and top refiner Thai Oil dropped 5.6 per cent.
Oil prices were little changed, just above US$69 a barrel, after falling in the previous session on data showing a larger-than-expected increase in U.S. gasoline stocks, which dented hopes of a recovery in demand.
Elsewhere in the region, Malaysia closed down 0.06 per cent, with decliners led by a 2.6 per cent fall in Maybank, the country’s largest lender, and a 6.8 per cent drop in property firm UEM Land.
Malaysian planters were helped by an upbeat view on palm futures from IOI Corp, which said the worst was over for the plantation sector as palm oil prices had recovered from last year’s slump, although merger activity would be muted.
Shares in Sime Darby, Malaysia’s top planter, rose 2.84 per cent, second-biggest planter IOI Corp edged up 0.85 per cent, and Kuala Lumpur Kepong climbed 0.83 per cent.
Indonesia’s index gained 0.3 per cent, the Philippines rose 0.21 per cent and Vietnam added 0.88 per cent. — Reuters
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