Majority of Southeast Asian Stock Markets down Today

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Majority of Southeast Asian Stock Markets down Today
Majority of Southeast Asian Stock Markets down Today

Majority of Southeast Asian Stock Markets down Today

After three consecutive days of gains, most Southeast Asian stocks retreated today. Whereas Singapore’s stock market was up slightly at 3046.53 from 3035.45, a gain of +0.37, other neighboring stock markets in Kuala Lumpur were down at 1820.02 from 1825.64, a decline of -0.31.

Thailand, Indonesia, Philippines too are facing trouble today. In today’s trade, Bangkok’s stock market is down at 1310.75 from 1314.06 i.e. a decline of -0.25 per cent. A similar trend was seen in stock indicators of Jakarta which is down slightly at 4489.51 from 4496.29 i.e. a fall of -0.15 per cent.

The Philippines is another loser today wherein stock indicators in Manila fell to 6101.62 from 6112.31 i.e. a decline of -0.17. Apart from Singapore, another exception in regional stock market is Ho Chi Minh stock market which is up slightly at 567.68 from previous 564.25 i.e. a gain of +0.61.

In today’s trade, Vietnam’s benchmark VN Index was up 0.61 percent due to a positive sentiment following strong gains in the previous session.

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European Stock Trade

Earlier the stocks in Europe retreated to some extent as the Stoxx Europe 600 Index halted its longest winning streak this year. The major loser was BNP Paribas SA which slipped 3 percent after France’s largest bank unexpectedly reported a drop in fourth-quarter profit. Similarly, Zurich Insurance Group AG (ZURN) reported earnings that missed estimates.

The results from the two major companies hit the investors and its impacts were seen even today in the Asian stock market. Zurich Insurance which lost 0.8 percent after the biggest Swiss insurer’s earnings missed analyst projections, affected share markets in the U.S. and Europe. Another major loser was Nestle SA (NESN) which dropped 2 percent as forecasts show that it won’t be growing at the expected pace this year.

Major Gainers in the European Stock Market

The day seemed bad for banking and insurance companies as even the giant banking group, Lloyds Banking Group Plc (LLOY) declined 1.9 percent to 81.9 pence. It is Britain’s biggest mortgage lender; however, as it reported its fourth consecutive annual loss after earmarking 3.5 billion pounds ($5.8 billion) to compensate clients wrongly sold loan insurance and swaps, investors were demoralized.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com