Company News

SE Asia Stocks-Most slip as oil falls, global recovery worries bite

    * Singapore leads losses
    * Philippines bucks trend, set for best day since April 17
    * Vietnam pressured by energy stocks

    By Nikhil Subba
    April 28 (Reuters) - Most Southeast Asian markets gave up
early gains to trade lower on Tuesday, as fears of a slow
economic recovery from the coronavirus pandemic and a tumble in
oil prices weighed on sentiment.
    Oil prices extended the previous session's slide on Tuesday,
on worries about limited storage capacity for crude worldwide
and expectations that demand for fuel may only recover slowly.

    "The crude oil market is still in a state of abyss. The mood
remains highly bearish and uncertain, with no clear indication
on when demand may return," analysts at OCBC said in a note.
    Energy stocks dragged down Vietnam's benchmark index
as much as 0.7%. Petrovietnam Gas Joint Stock Group and
Vietnam National Petroleum Group fell about 3% each.
    Leading losses in the region, Singapore's Straits Times
index fell as much as 0.7%.
    Conglomerate Jardine Matheson Holdings slipped as
much as 1.5% to hit a five-week, while Yangzijiang Shipbuilding
 tumbled 3.5%.
    Markets were optimistic earlier in the session as several
parts of the United States and various other hard-hit economies,
such as Italy, were set to open in efforts to revive their
    The Philippine benchmark, rose as much as 1.9%, on
track for its best day since April 17, lifted by consumer
    Conglomerate SM Investments Corp gained more than 4%
and was set to post its best day since April 17, while food and
beverage company Universal Robina advanced as much as
    Another bright spot was Indonesian stocks, up 0.4%,
which was helped by gains in industrial companies. 
    Sea transportation services provider Transcoal Pacific
 rose as much as 1.6%, while toll road service provider
Jasa marga (Persero) jumped 3.9%.  
    Thailand and Malaysia fell marginally.

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  Change on the day                                    
  Market              Current      Previous    Pct Move
  Singapore           2543.56      2549.4      -0.23
  Bangkok             1267.29      1267.41     -0.01
  Manila              5538.41      5450.45     1.61
  Jakarta             4516.154     4513.141    0.07
  Kuala Lumpur        1368.25      1370.16     -0.14
 Ho Chi Minh          765.7        770.77      -0.66
  Change so far in                             
  Market              Current      End 2019    Pct Move
  Singapore           2543.56      3222.83     -21.08
  Bangkok             1267.29      1579.84     -19.78
  Manila              5538.41      7,815.26    -29.13
  Jakarta             4516.154     6,299.54    -28.31
  Kuala Lumpur        1368.25      1588.76     -13.88
  Ho Chi Minh         765.7        960.99      -20.32
 (Reporting by Nikhil Subba in Bengaluru; Editing by Amy Caren