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May 28, 2017

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World markets see little change as Greece awaits latest bailout

Shanghai lost 0.19 percent, or 4.6 points, to 2,434.86 but Hong Kong reversed earlier losses to end up 0.23 percent, or 48.18 points, at 21,134.18.

Asian sentiment was knocked Monday after China at the weekend revealed a huge trade deficit of US$31.48 billion in February owing to the economic woes in its key U.S. and European export markets.

The deficit was the largest for at least 12 years, according to Dow Jones Newswires — the extent of its archived data — and far in excess of the median forecast of US$8.5 billion among 15 economists it surveyed.

Oil prices slipped, with New York's main contract, West Texas Intermediate crude for delivery in April, shedding 71 cents to US$106.69 per barrel while Brent North Sea crude for April was down 78 cents at US$125.20 in the afternoon.

Gold was at US$1,704.50 an ounce at 1100 GMT, compared with US$1,699.10 late Thursday.

In other markets:

— Singapore was flat, edging down 0.97 points to 2,962.18.

United Overseas Bank shed 0.11 percent to SG$17.70 while commodities firm Olam International was 0.44 percent lower at SG$2.28.

— Manila fell 0.11 percent, or 5.54 points, to 4,975.17.

Keppel Philippines Properties slumped 18.2 percent to 1.80 pesos while Philippine Long Distance Telephone Co. was unchanged at 2,758 pesos.

Aboitiz Power rise 0.15 percent to 33.25 pesos.

— Wellington rose 0.54 percent, or 18.55 points, to 3,452.37.

Fletcher Building was up 0.9 percent at NZ$6.69, Telecom gained 1.26 percent to NZ$2.42 and retailer The Warehouse Group slipped 3.21 percent to NZ$2.71.

— Jakarta slipped 0.11 percent, or 4.20 points, to 3,987.35.

Telkom fell 2.2 percent to 6,800 rupiah, heavy equipment company United Tractors lost 1.9 percent to 29,250 rupiah and Bank Mandiri rose 1.5 percent to 6,700 rupiah.

— Kuala Lumpur finished 0.9 percent, or 14.25 points, off at 1,564.75.

Petronas Chemicals lost 4.1 percent to 6.56 ringgit, while Malayan Banking shed 1 percent to 8.65 ringgit. Mobile service provider Maxis inched up 0.2 percent to 5.94 ringgit.

— Mumbai rose 0.48 percent, or 84.43 points, to 17,587.67.

— Bangkok fell 0.74 percent, or 8.53 points, to 1,150.18.

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