November 20, 2018 / 4:10 AM / 24 days ago

SE Asia Stocks-Sentiment sours as Wall St slump hits Asian shares

    * Philippines on track to gain for 5th straight session
    * Singapore shares drop as much as 1.4 pct
    * Malaysia, Indonesia stock markets closed

    By Aman Swami
    Nov 20 (Reuters) - Southeast Asian stock markets were
subdued on Tuesday, in line with Asian peers, after a selloff in
U.S. technology shares led to a slump on Wall Street.
    U.S. stocks plunged on Monday as investors dumped Apple Inc
, internet and other technology shares, further shaking
confidence in a group of stocks that has propelled the long bull
market. The MSCI's broadest index of Asia-Pacific shares
outside Japan dropped 0.3 percent on Tuesday.
    Singapore shares led losses in the region, dropping
as much as 1.4 percent, with financials dragging down the
city-state's benchmark index. 
    Oversea-Chinese Banking Corp shed as much as 2.5
percent, while rival United Overseas Bank Ltd fell 1.7
percent.
    The Philippine stock index edged higher, set to
extend their gains to more than 6 percent over five consecutive
winning sessions. 
    The central bank's policy tightening move late last week has
helped Philippine stocks claw back some of their losses over the
last two months.
    Investors are optimistic about the market's prospects, said
Fio Dejesus, an equity research analyst with RCBC Securities,
adding that recent losses have made Philippine stock valuations
more attractive in comparison with their regional peers.
    "Investors are drawing some confidence for a couple of
reasons, the steady inflow of remittances from abroad... and
also crude oil prices which have significantly declined recently
and this is a positive for the country which practically imports
100 percent of its oil from abroad," he said.
    Thai shares dropped 0.7 percent, weighed down by
losses in materials and industrial stocks.
    Airports of Thailand PCL shed as much as 1.2
percent, while Advanced Info Service PCL fell 1.1
percent.
    Vietnam shares edged lower, with financials dragging
the index.
    Malaysian and Indonesian stock markets were closed on
account of holidays.

    
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SOUTHEAST ASIAN STOCK MARKETS AT 0345 GMT
 Change on day                             
 Market          Current   Previous Close  Pct Move
 Singapore       3029.72   3065.07         -1.15
 Bangkok         1624.52   1636.48         -0.73
 Manila          7287.78   7270.26         0.24
 Ho Chi Minh     914.39    916.06          -0.18
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3029.72   3402.92         -10.97
 Bangkok         1624.52   1753.71         -7.37
 Manila          7287.78   8558.42         -14.85
 Jakarta         6005.297  6355.654        -5.51
 Kuala Lumpur    1710.71   1796.81         -4.79
 Ho Chi Minh     914.39    984.24          -7.10
 
 (Reporting by Aman Swami; Editing by Amrutha Gayathri)
  
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