Asean markets to trail behind the East Asian markets
SINGAPORE: Southeast Asian stock markets marked time on Friday as investors waited on speeches at the central bankers' symposium in Jackson Hole, Wyoming, for fresh indications on monetary policy.
While both Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi are not expected to deliver any fresh policy messages in the conference, investors were wary of any hawkish comments which could prompt selling of regional equities.
"We believe Yellen is unlikely to rock the boat, but because valuations and price are reaching historical highs, I think the market is taking a conservative approach in making investment decisions," said Taye Shim, head of research at Jakarta-based Mirae Asset Sekuritas.
In Southeast Asia, Singapore shares shed about 0.2 percent on weakness in financial and real estate stocks, but were on track to end the week higher.
United Overseas Bank fell as much as 0.7 percent, while Global Logistic Properties declined 0.6 percent.
The export-driven economy's industrial production likely rose at the fastest annual pace in seven months in July, thanks to a global electronics boom, a Reuters poll showed.
Malaysian shares posted their biggest intraday percentage fall in two weeks, fuelled by a decline in consumer discretionary and financial stocks.
Resort operator Genting Malaysia Bhd
fell to a near two-week low after its quarterly profit more than halved, while banker CIMB Group Holdings shed as much as 1.5 percent.
On the other hand, Philippine stocks rose marginally to hit a one-week high, helped by real estate and telecom shares.
Property developer SM Prime Holdings rose as much as 2.1 percent, while telecommunication services provider PLDT Inc was on track for a third consecutive session of gains.
"With the earnings season over, there is a lack of catalysts that could move the market in the near term," RCBC Securities said in a research note. - Reuters
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