June 22, 2018 / 10:40 AM / a month ago

SE Asia Stocks-Subdued; Malaysia snaps 9-session losing run

    * Malaysian shares see worst week since Aug 2015
    * Philippine index posts biggest weekly fall in 5 years

    By Nicole Pinto
    June 22 (Reuters) - Southeast Asian stock markets were
subdued on Friday as investors assessed the likely fallout of
U.S.-China trade tensions on corporate results, while Malaysia
snapped nine sessions of losses led by gains in financial and
energy stocks.
    Sentiment in the region took a hit after German carmaker
Daimler late on Wednesday cut its 2018 profit forecast, taking
investors by surprise.
    "Markets might have been underestimating the potential
impact of global trade tensions", said Taye Shim, head of
research at Jakarta-based Mirae Asset Sekuritas.
    Lenders gained after Malaysia's newly appointed central bank
governor, Nor Shamsiah Mohd Yunus, said she will focus on
financial stability. 
    The country's benchmark index snapped nine sessions
of decline and ended marginally higher, with oil stocks
contributing to the gains ahead of an OPEC meeting. The index is
however down 3.8 percent during the week, its biggest drop since
Aug 2015. 
    "I think today’s market movement is driven by the OPEC
development. Given the fragile market sentiment, any positive
development should act as a temporary relief for markets," said
Taye Shim, head of research at Jakarta-based Mirae Asset
Sekuritas.
    OPEC moved closer towards boosting oil output as Saudi
Arabia and non-OPEC Russia said a production increase of about 1
million barrels per day had become a near-consensus proposal,
after major consumers warned of a supply shortage.
    "We would remain cautious on the sustainability of the
rebound," Shim added.
    Philippine shares fell for a seventh straight session
and were down 6.2 percent for the week, their biggest weekly
fall in five years. 
    Bank of the Philippine Islands and Aboitiz Equity
Ventures Inc fell nearly 3 percent each.    
    Indonesian shares extended losses to a fourth
session ahead of May trade data expected on Monday and were down
nearly 3 percent on week, their first weekly drop in four.
    
    Meanwhile, Vietnam shares climbed 1.4 percent as
Vietnam Dairy Products JSC jumped 4.7 percent and Joint
Stock Commercial Bank for Foreign Trade of Viet Nam
climbed 3 percent. 

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SOUTHEAST ASIAN STOCK MARKETS
 Change on the day                            
 Market             Current   Previous Close  Pct Move
 Singapore          3287.4    3300            -0.38
 Bangkok            1634.98   1634.44         0.03
 Manila             7063.2    7098.15         -0.49
 Jakarta            5821.812  5822.333        -0.01
 Kuala Lumpur       1694.15   1692.32         0.11
 Ho Chi Minh        983.17    969.4           1.42
                                              
 Change on year                               
 Market             Current   End 2017        Pct Move
 Singapore          3287.4    3402.92         -3.39
 Bangkok            1634.98   1753.71         -6.77
 Manila             7063.2    8558.42         -17.47
 Jakarta            5821.812  6355.654        -8.40
 Kuala Lumpur       1694.15   1796.81         -5.71
 Ho Chi Minh        983.17    984.24          -0.11
 


 (Reporting by Nicole Pinto; Editing by Vyas Mohan)
  
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