November 29, 2016 / 10:15 AM / in 3 years

SE Asia Stocks-Muted ahead of OPEC meet; Jakarta rebounds

By Shashwat Pradhan
    Nov 29 (Reuters) - Southeast Asian stocks ended largely
lower on Tuesday as overnight weakness on Wall Street and doubts
over a production cut by major oil exporters kept risk appetite
in check.
    Indonesia recovered from previous session's losses
to climb 0.4 percent, driven by financials and consumer stocks.
The country's leading instant noodle maker PT Indofood Sukses
Makmur gained 2.7 percent and was among the top
    U.S. stocks declined on Monday, their worst performance in
nearly a month, weighed down by a pullback in the financial and
consumer discretionary sectors as some investors booked profits
on the heels of a record-setting week 
    Sentiment was also affected by doubts that whether the
Organization of the Petroleum Exporting Countries (OPEC) will be
able to hammer out an output cut deal during a meeting on
    Non-OPEC oil production giant Russia confirmed it would not
attend the OPEC gathering, but added that a meeting between the
group and non-affiliated producers at a later stage was
    Vietnam slid more than 1 percent, extending losses
into a fourth straight session. Financials and utilities 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 declined for a second straight
session with telecom dragging the index. Telecom giant PLDT Inc
 fell as much as 6.4 percent to a near 12-year low.
    Thailand edged lower after rising as much as 0.6
percent intraday as materials and consumer stocks declined.
    Thai parliament will invite Crown Prince Maha Vajiralongkorn
to become the new king following the death of revered King
Bhumibol Adulyadej last month, the president of the legislative
body said on Tuesday. 
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  STOCK MARKETS                                        
  Change on the                                        
  Market           Current       previous     Pct Move
  Singapore        2879.14       2874.65      0.16
  Bangkok          1497.18       1500.78      -0.24
  Manila           6781.2        6825.4       -0.65
  Jakarta          5136.667      5114.572     0.43
  Kuala Lumpur     1626.93       1628.66      -0.11
 Ho Chi Minh       658.26        665.29       -1.06
  Change so far                               
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        2879.14       2882.73      -0.12
  Bangkok          1497.18       1288.02      16.24
  Manila           6781.2        6952.08      -2.46
  Jakarta          5136.667      4593.008     11.84
  Kuala Lumpur     1626.93       1692.51      -3.87
 Ho Chi Minh       658.26        579.03       13.68

 (Reporting by Shashwat Pradhan in Bengaluru; Editing by Vyas
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