SE Asia Stocks-Most slide on weak oil prices; Malaysia hits 8-mth closing low – Reuters

This post was originally published on this site

    By Karthika Suresh Namboothiri
    Nov 15 (Reuters) - Most Southeast Asian stock markets ended
lower on Wednesday, with Malaysia closing at its lowest in eight
months, as a slide in global equities and oil prices spurred
risk aversion.
    Crude oil prices fell by 1 percent after the International
Energy Agency cut its oil demand growth forecast for the year
and next, implying that oil consumption may not breach 100
million barrels per day next year, while supplies are likely to
exceed that level.
    "Sliding equities on both sides of the Atlantic suggest that
risk appetite continues to dissipate led by the buckle in oil
prices," Mizuho Bank said in a research note.
    MSCI's broadest index of Asia-Pacific shares outside Japan
                fell 0.6 percent.
    In Southeast Asia, Malaysian shares declined 0.6
percent to their lowest close since mid-March, dragged by
financials. Malayan Banking was the biggest drag with
a fall of 1.4 percent.
    Singapore shares fell 0.9 percent, weighed down by
declines in financials and industrials. 
    Jardine Matheson Holdings Ltd closed 2.8 percent
lower, while Oversea-Chinese Banking Corp Ltd fell 1.2
percent.
    Philippine shares declined 1.3 percent with
industrials leading the fall. 
    JG Summit Holdings dropped 4 percent to its lowest
close since Sept. 13, while SM Investments Corp declined
1.1 percent.
    "It's normal at this time of the year to see this movement
as the (Philippine) markets start to consolidate," said Joseph
Roxas, an analyst with Manila-based Eagle Equities.
    Indonesian shares fell 0.3 percent with consumer
discretionary stocks accounting for most of the decline.
    Holdings company Astra International Tbk dropped
1.5 percent, while Bank Negara Indonesia (Persero) Tbk 
 declined 2.5 percent.
    Earlier in the day, Indonesia posted a trade surplus for a
third straight month in October, although the surplus shrunk
from that of September.
    The index of the 45 most liquid stocks in Indonesia
 fell 0.2 percent.
    Thai stocks ended 0.7 percent lower, with energy
stocks leading the fall. Oil and gas heavyweight PTT Group Pcl
 was the biggest drag with a decline of 1.4 percent.
    Vietnam shares rose for a ninth straight session,
closing at their highest since January 2008.
    Food processor Vietnam Dairy Products Joint Stock Co
 closed 1 percent higher, and was the biggest boost.
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS: CHANGE ON DAY
    
  Change on the                                        
 day                                          
  Market           Current       Previous     Pct Move
                                 close        
  Singapore        3368.7        3399.09      -0.89
  Bangkok          1690.26       1702.63      -0.73
  Manila           8273.44       8379.64      -1.27
  Jakarta          5972.311      5988.292     -0.27
  Kuala Lumpur     1722.99       1733.61      -0.61
  Ho Chi Minh      882.59        880.9        0.19
                                              
  Change on year                              
  Market           Current       End 2016     Pct Move
  Singapore        3368.7        2880.76      16.94
  Bangkok          1690.26       1542.94      9.55
  Manila           8273.44       6840.64      20.95
  Jakarta          5972.311      5296.711     12.76
  Kuala Lumpur     1722.99       1641.73      4.95
  Ho Chi Minh      882.59        664.87       32.75
 
 (Reporting by Karthika Namboothiri in Bengaluru; Editing by
Subhranshu Sahu)
  
Our Standards:The Thomson Reuters Trust Principles.