SE Asia Stocks-Subdued; Philippine shares edge up

Last Updated: Tue, Jul 18, 2017 10:20 hrs

By Ambar Warrick July 18 (Reuters) - Southeast Asian stock markets were subdued on Tuesday, tracking tepid Asian shares and Wall Street overnight as the passage of a U.S. healthcare bill grew doubtful, raising concerns over the rest of President Donald Trump's ambitious economic agenda. Asian shares stepped back from more than two-year highs on Tuesday and the dollar extended losses, as two Republican senators opposed legislation to dismantle and replace the Affordable Care Act, commonly known as Obamacare, leaving it without enough votes to pass. Overnight in the United States, stocks closed little changed in low volume as gains in utilities and consumer shares offset declines in healthcare, with the S&P health sector falling 0.3 percent. In Southeast Asia, Philippine shares were up marginally. "Financials and real estate stocks are driving the market today," said Jeffrey Kucero, equity analyst at RCBC Securities. "However, the pressure from PLDT is keeping the market subdued." Property developer SM Prime Holdings Inc rose as much as 1.1 percent, while consumer bank GT Capital Holdings hit a more than one-month high. PLDT fell as much as 2.1 percent, its lowest in nearly two months. It dropped 2.2 percent on the New York Stock Exchange on Monday. "The slide of the PLDT ADR on Wall Street last night dims the outlook for the Philippine market today," said RCBC Securities in a note. Singapore was little changed, with gains in financials and consumer staples offset by losses in telecommunication stocks. DBS Group hit a more than 17-year high, while Singapore Telecommunications shed as much as 0.8 percent. Vietnam shares were up 0.2 percent after earlier falling to their lowest in one week. Indonesia slipped 0.3 percent, as financials and consumer staples pulled the index down. Bank Rakyat Indonesia posted its biggest intraday percentage loss in over one month, while Unilever Indonesia fell as much as 1.6 percent. An index of the country's 45 most liquid stocks fell 0.5 percent. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS: Change as at 0411 GMT Change on the day Market Current previous Pct Move close Singapore 3297.26 3298.24 -0.03 Bangkok 1572.16 1574.09 -0.12 Manila 7951.71 7934.5 0.22 Jakarta 5822.234 5841.28 -0.33 Kuala Lumpur 1753.67 1755.19 -0.09 Ho Chi Minh 770.34 768.91 0.19 Change so far in 2017 Market Current End prev Pct Move yr Singapore 3297.26 2880.76 14.46 Bangkok 1572.16 1542.94 1.89 Manila 7951.71 6840.64 16.24 Jakarta 5822.234 5296.711 9.92 Kuala Lumpur 1753.67 1641.73 6.82 Ho Chi Minh 770.34 664.87 15.86 (Reporting by Ambar Warrick in Bengaluru; Editing by Biju Dwarakanath)

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