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SE Asia Stocks-Most end down on U.S. tax reform jitters
November 13, 2017 / 10:30 AM / 6 days ago

SE Asia Stocks-Most end down on U.S. tax reform jitters

    By Karthika Suresh Namboothiri
    Nov 13 (Reuters) - Most Southeast Asian stock markets gave
up early gains on Monday to close lower on uncertainty over a
U.S. tax reform deal, while Vietnam shares closed at their
highest in nearly a decade.
    World stock markets moved further away from recent record
highs as U.S. Senate Republicans unveiled a new tax plan that
differs from the House of Representatives' version and there are
few signs of a compromise.
    "Digesting tax reform banter is an unsavoury business as
even the ambient noise is triggering unusual moves across asset
classes," Stephen Innes, head of trading in Asia-Pacific for
Oanda in Singapore, wrote in a note.
    "Besides with Christmas just around the corner, investors
will be more inclined to book year-end profits, adding to
sell-off momentum."
    Vietnam shares extended gains into a seventh session
and closed 1.3 percent higher. They have climbed more than 32
percent so far this year, making them the region's best
performer.
    Food processor Vietnam Dairy Products Joint Stock Co
 was the biggest boost, rising 6.2 percent to a record
closing high.
    Philippine shares dropped 1.2 percent, dragged by
industrial and real estate stocks.
    SM Investments Corp ended 2.8 percent lower, while
Ayala Land declined 3 percent.
    The market fell on profit-booking in stocks which saw steep
rises in the last few sessions, said Fio Dejesus of Manila-based
RCBC Securities.
    Singapore shares closed marginally lower with gains
in industrials outweighed by losses in financials. 
    DBS Group Holdings Ltd was the biggest drag with a
decline of 1.1 percent.
    Thai stocks dropped for a third straight session and
hit their lowest close since Oct. 19.
    Airports of Thailand Public Co Ltd closed 1.3
percent lower, while Total Access Communication PCL
ended down 6.3 percent.     

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SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        3419.13       3420.1       -0.03
  Bangkok          1687.05       1689.28      -0.13
  Manila           8330.02       8433.48      -1.23
  Jakarta          6021.456      6021.828     -0.01
  Kuala Lumpur     1737.49       1742.28      -0.27
  Ho Chi Minh      879.34        868.21       1.28
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3419.13       2880.76      18.69
  Bangkok          1687.05       1542.94      9.34
  Manila           8330.02       6840.64      21.77
  Jakarta          6021.456      5296.711     13.68
  Kuala Lumpur     1737.49       1641.73      5.83
  Ho Chi Minh      879.34        664.87       32.26
 
 (Reporting by Karthika Namboothiri in Bengaluru; Editing by
Subhranshu Sahu)
  

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