May 9, 2018 / 4:13 AM / 2 months ago

SE Asia Stocks-Most fall after Trump exits Iran nuclear deal

    * Asian shares ex-Japan down 0.2 pct
    * Thai shares slide for a fifth straight session

    By Karthika Suresh Namboothiri
    May 9 (Reuters) - Most Southeast Asian stock markets fell on
Wednesday, after U.S. President Donald Trump pulled out of a
nuclear deal with Iran, sending oil prices to over 3-year peaks
and rattling share markets across the region.
    Asia shares outside Japan ticked down as
renewed U.S. sanctions on Tehran were seen as disruptive for
many companies that have deals with Iran.
    Oil prices rose more than 2 percent after Trump's move,
likely curbing Iran's crude exports in an already tight market.

    "Asian markets are quite susceptible to foreign pressure
because they are heavily dependent on oil," said Manny Cruz,
analyst at the Manila-based Asiasec Equities Inc.
    "Inflation is a concern for most economies in Asia and it
may impair growth in the near term if oil prices climb above $70
a barrel. That will continue to weaken sentiment in equities." 
    In Southeast Asia, Philippine stocks fell as much as
0.6 percent, dragged down by lenders. Bank of the Philippines
Islands shed as much as 2.8 percent.
    The country's trade deficit for March narrowed, preliminary
data showed.
    Singapore was steady after earlier falling on
financials. Index heavyweight DBS Group Holdings shed
as much as 1.7 percent, while United Overseas Bank Ltd
fell to a three-week low.
    Thai shares inched 0.3 percent lower, with gains in
energy stocks curbed by losses in telecom.
    Natural gas suppliers PTT Public edged 0.9 percent
higher, while telecom services provider Advanced Info Services
 shed 2.9 percent.
    Indonesia rose 0.2 percent, while Vietnam was
flat, with oil and gas refiner Petrovietnam Gas Joint Stock Corp
 up as much as 2.3 percent.
    Malaysia was closed for general elections.
    
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SOUTHEAST ASIAN STOCK MARKETS: AS AT 0403 GMT
    
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3543.13   3543.17         0.00
 Bangkok            1755.88   1760.25         -0.25
 Manila             7554.44   7577.57         -0.31
 Jakarta            5786.745  5774.716        0.21
 Ho Chi Minh        1060.54   1060.45         0.01
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3543.13   3402.92         4.12
 Bangkok            1755.88   1753.71         0.12
 Manila             7554.44   8558.42         -11.73
 Jakarta            5786.745  6355.654        -8.95
 Ho Chi Minh        1060.54   984.24          7.75
 
 (Reporting by Karthika Suresh Namboothiri; Editing by Biju
Dwarakanath)
  
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