Asean markets to trail behind the East Asian markets
SINGAPORE: Most Southeast Asian stock markets moved sideways on Tuesday in thin trade as investors remained cautious ahead of U.S. Federal Reserve Chair Janet Yellen's monetary policy testimony, which may offer clues on when the Fed would tighten its monetary policy.
Yellen's semi-annual testimony to Congress on Wednesday and Thursday, may give further indication on the timing of the third Fed rate hike for the year, said Grace Aller, an analyst with Manila-based AP Securities.
"A Fed rate hike can further dampen appetite for emerging markets as it points to further strengthening in the investment environment for developed markets," she said.
Singapore was the biggest decliner in Southeast Asia, shedding as much as 0.6 percent, dragged by losses in telecom, industrial and real estate stocks.
Index heavyweights Singapore Telecommunications and Jardine Matheson Holdings were among the top decliners on the index, falling as much as 1 percent and 1.5 percent, respectively.
Thai shares fell as much as 0.3 percent before paring some of the losses, with convenience store operator CP All Pcl dropping 3.6 percent, set for its fifth straight session of losses.
Philppine shares edged up 0.3 percent in early trade, helped by industrial and real estate stocks.
Philippine exports rose for a sixth straight month in May, growing 13.7 percent from a year ago, while imports climbed 16.6 percent.
International Container Terminal Services was among the biggest gainers on the index, climbing as much as 2.6 percent, after signing an agreement with a dredging company to deepen the Congo River in Africa, a move that would realise cost savings for the terminal operator from 2018.
Property developer Ayala Land rose as much as 1.6 percent to its highest in nearly three weeks.
Indonesian shares slipped marginally to touch a three-week low, pulled down by financial stocks.
Malaysia and Vietnam were largely flat. - Reuters
