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6 months ago
SE Asia Stocks-Most fall as oil slumps, Thai shares edge up
February 8, 2017 / 4:57 AM / 6 months ago

SE Asia Stocks-Most fall as oil slumps, Thai shares edge up

By Christina Martin
    Feb 8 (Reuters) - Most Southeast Asian stock markets traded
lower on Wednesday on a sharp drop in oil prices, while Thai
shares edged up ahead of a central bank meeting on interest
rates.
    Asian shares also fell from four-month highs as investor
confidence was hurt by ongoing political and economic
uncertainty in the United States and Europe. 
    "The yen recovered and bounced back while crude oil
continued to weaken and regional equities took their cue from
those two movements of the commodities," said Manny Cruz, chief
strategist at Asiasec Equities Inc.
    Oil prices fell to a two-week low on Wednesday, extending
losses, as a massive increase in U.S. fuel inventories and a
slump in Chinese demand implied that global crude markets remain
oversupplied despite OPEC-led efforts to cut output. 
    "The weakness in crude oil can also be an indication that
the global economy may not be doing well under the Trump
administration, considering his protectionist approach," Cruz
added.
    However, the Thai index managed a slight rise, with
gains spread across sectors, as investors awaited the central
bank's rate decision later in the day. 
    Thailand's central bank is expected to leave its already-low
benchmark interest rate unchanged, after it last cut rates in
April 2015, a Reuters poll indicated. 
    Philippine shares headed for a second consecutive
session of losses, slipping 0.4 percent, with real estate,
consumer staples and financials pulling the index down. 
    SM Prime Holdings, Metropolitan Bank and 
Universal Robina Corp were among the worst performers
on the index. 
    A Reuters poll showed that inflation in January, seen at its
highest in over two years, is not expected to impact the central
bank's policy decision due on Thursday. 
    Singapore shares, which gained in the last two
sessions, fell 0.3 percent, dragged down by telecoms, financials
and real estate stocks.
    Singapore Telecommunications, the biggest loser on
the index, lost over 1 percent while City Development 
fell as much as 1.8 percent, its biggest percentage loss in two
weeks. 
    Indonesian shares were set for their biggest
percentage loss in over two weeks, down as much as 0.4 percent.
    Vietnam and Malaysia were largely flat. 
        
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: Change at 0425 GMT
    
  Market          Current       Previous Close  Pct Move
  Singapore       3060.14       3071.64         -0.37
  Bangkok         1588.27       1582.52         0.36
  Manila          7230.25       7262.64         -0.45
  Jakarta         5357.593      5381.475        -0.44
  Kuala Lumpur    1688.12       1688.84         -0.04
  Ho Chi Minh     702.03        701.91          0.02
                                                
  Change on year                                
  Market          Current       End 2016        Pct Move
  Singapore       3060.14       2880.76         6.23
  Bangkok         1588.27       1542.94         2.94
  Manila          7230.25       6840.64         5.70
  Jakarta         5357.593      5296.711        1.15
  Kuala Lumpur    1688.12       1641.73         2.83
  Ho Chi Minh     702.03        664.87          5.59
 
 (Reporting by Christina Martin; Editing by Sunil Nair)

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