By Shashwat Pradhan
Nov 29 Southeast Asian stock markets opened
mostly lower on Tuesday after Wall Street suffered its worst
performance in nearly a month as some investors booked profits
in financial and consumer discretionary sectors.
The three major U.S. indexes had closed higher for the third
week in a row on Friday, with the S&P 500 notching its seventh
record close since the U.S. presidential election on Nov. 8.
MSCI's broadest index of Asia-Pacific shares outside Japan
barely budged after two days of gains.
Sentiment was also affected by doubts that the Organization
of the Petroleum Exporting Countries (OPEC) will be able to
hammer out a meaningful output cut during a meeting on Wednesday
aimed at controlling a global supply overhang and lifting
A disagreement remains among OPEC members over which
producer should cut by how much. A plan for non-OPEC oil giant,
Russia, to participate has failed so far.
Vietnam slid nearly 1 percent, extending losses into
a fourth straight session. Financials and industrials were the
biggest drag on the index.
"For the rest of the week, considering pressure from
net-selling on blue-chips by foreign investors, we believe that
bear side will still dominate the (Vietnamese) market," said
Tran Minh Hoang, chief economist at Vietcombank Securities in
Philippine stocks were headed for their second
straight day of declines, with telecom stocks such as PLDT Inc
and Globe Telecom accounting for nearly half
the losses on the index.
Indonesia recovered from previous session's losses
to climb 0.8 percent, driven by financials and consumer stocks.
Among the biggest gainers, the country's leading instant noodle
maker PT Indofood Sukses Makmur climbed as much as 2.4
Advancing issues outnumbered declining ones on the exchange
by a 1.71-to-1 ratio.
Thailand edged higher on the back of gains in energy
and telecom stocks.
Thailand's cabinet on Tuesday acknowledged the appointment
of a new king, Defence Minister Prawit Wongsuwan said, more than
a month after the death of revered King Bhumibol Adulyadej.
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SOUTHEAST ASIAN STOCK MARKETS
Markets at 0449
Market Current previous Pct Move
Singapore 2872.23 2874.65 -0.08
Bangkok 1504.22 1500.78 0.23
Manila 6795.92 6825.4 -0.43
Jakarta 5162.602 5114.572 0.94
Kuala Lumpur 1627.25 1628.66 -0.09
Ho Chi Minh 659.4 665.29 -0.89
Change so far
Market Current End prev yr Pct Move
Singapore 2872.23 2882.73 -0.36
Bangkok 1504.22 1288.02 16.79
Manila 6795.92 6952.08 -2.25
Jakarta 5162.602 4593.008 12.40
Kuala Lumpur 1627.25 1692.51 -3.86
Ho Chi Minh 659.4 579.03 13.88
(Reporting by Shashwat Pradhan in Bengaluru; Editing by Sherry