October 25, 2018 / 4:13 AM / 22 days ago

SE Asia Stocks-Most lose ground as Wall St rout spills over

    * Vietnam dives to over three-month low
    * Thai and Malaysian stocks set for 6th straight day of loss
    * Philippines sees massive sell-off among foreign investors
    * Indonesia bucks trend to edge higher

    By Rashmi Ashok
    Oct 25 (Reuters) - Most Southeast Asian stock markets
slumped on Thursday, following a tech rout on Wall Street that
saw the year's gains being wiped out, leaving investors poorer
by billions of dollars across global markets.
    Disappointing forecasts from chipmakers beat down the tech
sector, sending investors scurrying to the safety of sovereign
bonds, pushing Wall Street to its worst single-day fall since
2011.
    A concoction of other negative factors like Saudi Arabia's
diplomatic tensions, fears of slowing global growth and the
Brexit stalemate spooked investors, with MSCI's broadest index
of Asia-Pacific shares outside Japan dropping
about 2 percent. 
    Vietnamese stocks dived as much as 4 percent to an
over three-month low and were on track for a sixth straight day
in the red. Financial and real-estate stocks bore the brunt of
the beating, with lender Joint Stock Commercial Bank for Foreign
Trade of Vietnam losing 2.7 percent and Vingroup JSC
 shedding 2.3 percent.
    Philippine shares fell 2.3 percent, dragged by
banking and industrial stocks, pushing the index's loss this
week to 2.6 percent.
    "About 45 minutes into trading, net foreign selling has
already reached over 100 million pesos. After last night's
bloody session on Wall Street, as expected foreigners are
stepping up selling of Philippine shares, while local investors
are staying on the sidelines," said Fio Dejesus, a research
analyst at RCBC Securities.
    Banking giant BDO Unibank Inc shed 3.6 percent and
industrial conglomerate SM Investments Corp fell 2.7
percent.
    "It's a flight to safety, they're entering into lower risk
assets like govt treasuries because the risk-off sentiment has
hit emerging markets really hard," he added.
    Singapore stocks saw the same dismal sentiment,
giving up the previous day's short-lived gains to take weekly
losses to over 2 percent.
    Casino and gaming operator Genting Singapore Ltd
fell 3.3 percent and investor Yangzijiang Shipbuilding
(Holdings) Ltd lost 1.7 percent.
    Malaysian shares followed the same trajectory,
shedding 0.8 percent, on track to post their sixth straight
session of losses. 
    Plantation and industrial heavyweight Sime Darby Berhad
 lost 5.9 percent and oil and gas services provider
Dialog Group Berhad fell 3.9 percent.
    After the previous session's sharp losses on energy stocks,
the Thai index extended losses and were poised for a
six-day run of losses. All sectors traded in the red, with oil
and gas refiner PTT PCL losing 1 percent and lender
Siam Commercial Bank PCL lost 2.2 percent.
    Indonesian shares appeared to escape the worst,
trading slightly higher as gains in financial stocks offset
losses in other sectors. Lender PT Bank Central Asia Tbk
 gained 0.8 percent while sector heavyweight and auto
truck manufacturer PT Astra International Tbk lost 0.3
percent.
    
    
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0341 GMT
 
  Market           Current       Previous close  Pct Move
  Singapore        3002.07       3032.08         -0.99
  Bangkok          1602.92       1623.37         -1.26
  Manila           6962.36       7129.42         -2.34
  Jakarta          5716.568      5709.417        0.13
  Kuala Lumpur     1676.68       1690.04         -0.79
  Ho Chi Minh      893.99        922.73          -3.11
                                                 
  Change on year                                 
  Market           Current       End 2017        Pct Move
  Singapore        3002.07       3402.92         -11.78
  Bangkok          1602.92       1753.71         -8.60
  Manila           6962.36       8558.42         -18.65
  Jakarta          5716.568      6355.654        -10.06
  Kuala Lumpur     1676.68       1796.81         -6.69
  Ho Chi Minh      893.99        984.24          -9.17
 

 (Reporting by Rashmi Ashok; Editing by Sunil Nair)
  
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