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SE Asia Stocks-Singapore down 1 pct; Thailand edges higher
May 16, 2017 / 5:54 AM / in 6 months

SE Asia Stocks-Singapore down 1 pct; Thailand edges higher

    By Anusha Ravindranath
    May 16 (Reuters) - Singapore shares fell more than 1 percent
on Tuesday, led by industrials, while expectations of extended
crude supply cuts lifted oil stocks on the Thai index.
    Industrial stocks in Singapore faced a big selloff,
with heavyweight Jardine Matheson falling as much as
6.7 percent, to hit its lowest in three months.
    However, Philippine shares gained, snapping two sessions of
losses.  
    "I would say this is a technical rebound," said Joseph
Roxas, analyst at Manila-based Eagle Equities. 
    "There was some selling recently because of the two big IPOs
and I think that has already been absorbed by the markets and we
are moving higher again."
    A Congressional panel of Philippine lawmakers on Monday
evicted an impeachment complaint against President Rodrigo
Duterte, a widely expected outcome underlining the leader's
steadfast legislative support.
    "Some people would attribute (the gains) to the dismissal of
the impeachment complaint, but I wouldn't say that was ever a
factor," he added. 
    Real estate stocks and financials drove the gains, with
property developer Ayala Land rising 4 percent. Shares
of Petron Corp hit a five-month high after its
inclusion in the Philippines Small Cap Index.
    Energy stocks outperformed in Thailand, with top oil
producers PTT and PTT Exploration and Production
 adding 1.8 percent and 2.1 percent, respectively.  
    Oil prices rose on Tuesday, after a joint announcement by
Saudi Arabia and Russia to push for an extension of supply cuts
until the end of March 2018.
    Meanwhile, Jakarta snapped two sessions of gains to
drift lower. Financials were the biggest losers, with Bank
Central Asia Tbk PT falling nearly five percent. 

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SOUTHEAST ASIAN STOCK MARKETS
  STOCK MARKETS                                        
 Change at 0449                                        
 GMT                                          
  Market           Current       Previous     Pct Move
                                 Close        
  Singapore        3231.94       3264.21      -0.99
  Bangkok          1544.78       1537.42      0.48
  Manila           7802.43       7772.93      0.38
  Jakarta          5672.317      5688.87      -0.29
  Kuala Lumpur     1775.88       1778.65      -0.16
  Ho Chi Minh      727.5         725.35       0.30
                                              
 Change so far                                
 this year                                    
  Market           Current       End 2016     Pct Move
  Singapore        3231.94       2880.76      12.19
  Bangkok          1544.78       1542.94      0.12
  Manila           7802.43       6840.64      -12.3
  Jakarta          5672.317      5296.711     7.09
  Kuala Lumpur     1775.88       1641.73      8.17
  Ho Chi Minh      727.5         664.87       -8.6
 

 (Reporting by Anusha Ravindranath; Editing by Amrutha Gayathri)
  

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