May 9, 2018 / 10:02 AM / 4 months ago

SE Asia Stocks-Most slip on global oil supply fears; Indonesia gains

    * Thailand falls for fifth session
    * Indonesia index gains most in nearly a year

    By Karthika Suresh Namboothiri
    May 9 (Reuters) - Most Southeast Asian stock markets fell on
Wednesday in line with broader Asia, after oil prices
sky-rocketed to an over 3-year high as President Donald Trump
pulled the United States out of the Iran nuclear deal, while
Indonesian shares surged.
    MSCI's broadest index of Asia-Pacific shares outside Japan
 dipped as renewed U.S. sanctions on Tehran could
be disruptive for many companies that have deals with Iran.

    Oil prices rose as much as 2.8 percent, 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, an
analyst at the Manila-based Asiasec Equities Inc.
    Inflation is a concern for most Asian economies and it may
impair growth in the near term if oil prices stay above $70 per
barrel, he said. "That will continue to weaken sentiment in
equities."
    An International Monetary Fund (IMF) official said the IMF
was not too worried about recent selling pressure on assets in
Indonesia and the Philippines as it was not triggered by
domestic factors. 
    Indonesian shares erased early losses to end 2.3
percent higher, their biggest daily gain in a year. PT Unilever
Indonesia rose 5.1 percent, while PT Bank Central Asia
 ended 4 percent higher.
    An index of Indonesia's 45 most liquid stocks rose
3.7 percent.
    Among markets that fell, Philippines ended 0.3
percent lower, with financials leading falls. Security Bank Corp
 lost 4 percent.
    The Philippine Statistics Authority released preliminary
data earlier in the day, indicating that trade deficit for March
had narrowed.
    Singapore closed marginally higher. Keppel Corp
, a holding company engaged in offshore oil rigging,
ended 2.6 percent higher.
    Thai index slipped 0.1 percent, its lowest close in
three weeks, with gains in energy stocks curbed by losses in
telecom.
    Natural gas suppliers PTT Public edged 1.8 percent
higher, while telecom services provider Advanced Info Services
 shed 4.4 percent.
    Malaysia was closed for general elections.
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous close  Pct Move
 Singapore          3548.54   3543.17         0.15
 Bangkok            1756.9    1760.25         -0.19
 Manila             7555.27   7577.57         -0.29
 Jakarta            5907.938  5774.716        2.31
 Ho Chi Minh        1056.97   1060.45         -0.33
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3548.54   3402.92         4.28
 Bangkok            1756.9    1753.71         0.18
 Manila             7555.27   8558.42         -11.72
 Jakarta            5907.938  6355.654        -7.04
 Ho Chi Minh        1056.97   984.24          7.39
 
 (Reporting by Karthika Suresh Namboothiri; Editing by Gopakumar
Warrier)
  
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