February 6, 2018 / 10:16 AM / a year ago

SE Asia Stocks-End lower for 2nd session; Vietnam down over 3 percent

    * Singapore, Vietnam hit 1-month low
    * Asian shares ex-Japan plunge 3.5 pct

    By Nikhil Nainan
    Feb 6 (Reuters) - Southeast Asian shares shed most of
January's gains and ended lower for a second straight session on
Tuesday as an overnight plunge on Wall Street triggered a rout
in equities worldwide.
    Most markets, however, staged a partial recovery towards the
end of the session after U.S. stock futures changed
course to rise 1.3 percent during Asia trading hours, signalling
a likelihood of recouping losses when Wall Street opens. 
    Asian shares ended lower, with the MSCI's broadest index of
Asia-Pacific shares outside Japan sliding 3.5
    The market reaction is slightly exaggerated, said Taye Shim,
head of research at Mirae Asset Sekuritas.
    "We are looking at situations where prices seem to have
picked up a bit fast. However, I do not believe we are in a
bubble situation." 
    The correction is likely to continue for a while and
presents a good opportunity for investors to collect attractive
assets, added Shim.
    The Philippine main index closed 0.8 percent lower,
after dropping as much as 2.7 percent earlier, as financials
    Philippine annual inflation accelerated much faster than
expected in January, data showed, increasing the chances of an
interest rate hike this week.
    Aboitiz Equity Ventures Inc, down over 4 percent,
was the top loser. The Bank of the Philippine Islands
slid 3.1 percent while Ayala Corp hit a two-month low.
    Singapore shares dropped 2.2 percent to a one-month
low, as financials fell. 
    Oversea-Chinese Banking Corp and United Overseas
Bank Ltd marked their steepest drop in over 2-1/2
years while DBS Group Holdings dived as much as 4.3
    Indonesian shares ended 1.7 percent lower after
shedding as much as 2.5 percent. 
    "The Indonesian market is a little stronger, less impacted
by the market retreat. But obviously, the strength in the
fundamentals of the economy is putting up well," said Shim.

    Vietnam, which as of Friday's close was the only
Southeast Asian stock market with double-digit percentage gains
this year, slumped 3.5 percent in the session, at a month's low.
    While Thai and Malaysian shares gave away
1.2 percent and 2.2 percent, respectively. 
For Asian Companies click;  

 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3406.38   3482.93         -2.20
 Bangkok            1788.43   1810.32         -1.21
 Manila             8550.42   8616            -0.76
 Jakarta            6478.543  6589.675        -1.69
 Kuala Lumpur       1812.45   1853.07         -2.19
 Ho Chi Minh        1011.6    1048.71         -3.54
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3406.38   3402.92         0.10
 Bangkok            1788.43   1753.71         1.98
 Manila             8550.42   8558.42         -0.09
 Jakarta            6478.543  6355.654        1.93
 Kuala Lumpur       1812.45   1796.81         0.87
 Ho Chi Minh        1011.6    984.24          2.78

 (Reporting by Nikhil Kurian Nainan in Bengaluru, additional
reporting by Karthika Suresh Namboothiri; Editing by Vyas Mohan)
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