October 25, 2019 / 10:05 AM / 25 days ago

SE Asia Stocks-Most fall; Thailand slumps as banks drag

    * Indonesia snaps 10-day winning streak
    * Thailand posts biggest weekly loss in over 5 months
    * Singapore Sept industrial production beats expectations 

    By Sameer Manekar
    Oct 25 (Reuters) - Thai shares closed at an over nine-month
low on Friday due to fears of a weak earnings season after a
dismal show by major banks, while Indonesia ended a 10-day rally
on profit taking.
    Caution also pervaded in the region before a summit in Chile
where U.S. President Donald Trump hopes to finalise a partial
trade deal with China's Xi Jinping.  
    Meanwhile, a speech by U.S. Vice President Mike Pence on
Thursday criticizing China of handling protests in Hong Kong
further rattled confidence.
    Leading declines in Southeast Asia, the Thai index
ended 1.7% lower on Friday, its worst closing since Jan. 21.
Financials were among the biggest drags, with Bank of Ayudhya
 and Krung Thai Bank slipping 3.9% and 1.2%
each.
    For the week, the index posted it biggest weekly loss in
over 5 months. 
    The country's second-largest lender Kasirkonbank Pcl
 extended losses to a fifth day. The company had
forecast its gross non-performing loan ratio to widen in fiscal
2020 as compared to last year.
    "Investors are concerned about the earnings seasons. For the
time it seems reports from banking sectors so far are not so
good, with concerns about non-performing loans," said Teerada
Charnyingyong, an analyst at Phillip Capital Thailand.
    "Concerns from the banking sector earnings will impact other
sectors in this earning season."
    Indonesian stocks marked their worst day in more
than a month after gaining 5.2% over a 10-day winning streak.
The index posted a third consecutive weekly gain.
    "The composite index has already increased quite a bit since
Oct 10, and then after the cabinet was announced followed by the
rate cut....so I think today market is just fixing profit," said
Christine Natasya, equity analyst at Mirae Asset Indonesia.
    Financials and consumer firms were among the top decliners,
with Bank Central Asia and Unilever Indonesia
 losing 1.6% and 2.5% each.
     Southeast Asia's largest economy's fiscal deficit in 2019
is seen widening to around 2.0%-2.2% of gross domestic product
(GDP), a finance ministry official said, instead of the 1.93%
forecast earlier.
    Market focus will now turn to the U.S. Federal Reserve
meeting next week, where it is expected to cut rates for a third
time this year.
    Singapore shares gained 0.5%, buoyed by strong
industrial output data for the city-state, and a 6.9% rise in
Singapore Exchange after the bourse reported its
biggest quarterly net profit in 12 years on Thursday.

    Philippine stocks slipped 0.4%, with BDO Unibank
 and Ayala Corp among the biggest losers.
       
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS  
 Change on the day                                
 Market                 Current   Previous close  Pct Move
 Singapore              3185.53   3168.87         0.53
 Bangkok                1593.28   1620.97         -1.71
 Manila                 7922.5    7950.98         -0.36
 Jakarta                6252.345  6339.647        -1.38
 Kuala Lumpur           1570      1571.11         -0.07
 Ho Chi Minh            996.57    993.6           0.30
                                                  
 Change so far in 2019                            
 Market                 Current   End 2018        Pct Move
 Singapore              3185.53   3068.76         3.81
 Bangkok                1593.28   1563.88         1.88
 Manila                 7922.5    7,466.02        6.11
 Jakarta                6252.345  6,194.50        0.93
 Kuala Lumpur           1570      1690.58         -7.13
 Ho Chi Minh            996.57    892.54          11.66
 

($1 = 1.3628 Singapore dollars)

 (Reporting by Sameer Manekar in Bengaluru; Editing by Rashmi
Aich)
  
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