September 26, 2017 / 10:18 AM / 2 years ago

SE Asia Stocks-Drop as concerns over N. Korea weigh

    By Chris Thomas
    Sept 26 (Reuters) - Southeast Asian stock markets, except
Thailand, fell on     Tuesday with safe-haven assets such as
gold and the yen finding favour with investors amid rising
tensions on the Korean peninsula.
    North Korea's foreign minister said a tweet by U.S.
President Donald Trump that North Korean leader Kim Jong Un
might not be around for too long amounted to a declaration of
    "The tensions will continue to harm regional markets for the
time being, and in the absence of any mediation, we will
continue to see weakness in regional markets," said Manny Cruz,
an analyst with Manila-based Asiasec Equities.
    Earlier, Asian shares fell 0.7 percent as
U.S. and North Korean relations hit a new low and as investors
also kept an eye out for Federal Reserve Chair Janet Yellen's
speech later in the day for fresh signals on whether it would
stick to plans to raise interest rates in December.
    Money markets point to a 70 percent chance of a hike in
December but only a 20 percent chance of a further hike in March
2018, according to CME's FedWatch tool. 
    In Southeast Asia, Philippine shares slipped 0.9
percent to hit a one-week closing low, down for a third straight
    Renewable power producer Energy Development Corp
plunged 20 percent to its lowest since Dec. 2013, while property
developer Ayala Land posted a two-week closing low, in
the Philippine stock market's busiest day of trade since June
    Indonesia declined 0.5 percent to end at its lowest
in nearly two weeks, with Bank Rakyat Indonesia down
0.8 percent and cigarette manufacturer Gudang Garam
losing 2.2 percent.
    An index of the country's 45 most liquid stocks 
fell 0.5 percent.
    Singapore shares cut losses to end marginally lower,
shrugging off better-than-expected factory output data, while
Malaysia fell 0.2 percent to its lowest close in four
    Thai shares rose 0.1 percent, lifted by energy
stocks. PTT Pcl climbed 1.5 percent, while PTT
Exploration and Production PCL rose 1.1 percent.
    Brent oil prices hovered near 26-month highs, supported by
Turkey's threat to cut crude exports from Iraq's Kurdistan
region as well as signs that market rebalancing is accelerating.

    The yen, which traditionally performs strongly in
jittery markets, slipped slightly after hitting a high of
111.550 versus the dollar in early trade, while gold was
trading steady after touching a one-week top earlier.

For Asian Companies click;  

  Change on day                                        
  Market          Current      Previous Close  Pct Move
  Singapore       3212.04      3215.91         -0.12
  Bangkok         1669.75      1667.59         0.13
  Manila          8170.14      8244.73         -0.90
  Jakarta         5863.962     5894.612        -0.52
  Kuala Lumpur    1765.59      1769.14         -0.20
  Ho Chi Minh     805.35       805.58          -0.03
  Change on year                               
  Market          Current      End 2016        Pct Move
  Singapore       3212.04      2880.76         11.50
  Bangkok         1669.75      1542.94         8.22
  Manila          8170.14      6840.64         19.44
  Jakarta         5863.962     5296.711        10.71
  Kuala Lumpur    1765.59      1641.73         7.54
  Ho Chi Minh     805.35       664.87          21.13

 (Reporting by Chris Thomas in Bengaluru; Additonal reporting by
Aaron Saldanha; Editing by Biju Dwarakanath)
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