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8 months ago
SE Asia Stocks-Largely down after Wall Street pullback; Indonesia rebounds
November 29, 2016 / 5:00 AM / 8 months ago

SE Asia Stocks-Largely down after Wall Street pullback; Indonesia rebounds

4 Min Read

By Shashwat Pradhan
    Nov 29 (Reuters) - 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
prices. 
    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
Hanoi.
    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
percent.
    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
 
    
  STOCK MARKETS                                        
  Markets at 0449                                      
 GMT                                          
  Market           Current       previous     Pct Move
                                 close        
  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                               
 this year                                    
  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
Jacob-Phillips)

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