SE Asia Stocks-Thailand falls on energy slump, Singapore recovers
* Thai energy stocks hit by oil price fall
* Philippines edges lower on profit-taking
* Singapore recovers to lead gains in region
By Rashmi Ashok
Oct 24 (Reuters) - Thai shares fell nearly 1 percent on
Wednesday as the country's energy sector came under pressure
after oil prices slumped overnight, while shares in Singapore
pulled back from the previous day's losses.
Thai stocks were down 0.9 percent, having resumed
trading after a local holiday, with PTT Public Company Ltd
falling 2 percent, while PTT Exploration and Production
Public Co Ltd shed 2.5 percent.
Crude prices hurtled to two-month lows on Tuesday after
Saudi Arabia said it could supply more crude quickly if needed
to meet possible shortfalls ahead of U.S. sanctions on
Iran.
Meanwhile, mounting diplomatic pressure on Saudi Arabia over
journalist Jamal Khashoggi's death and worries about U.S.
corporate earnings weighed on sentiment.
Asian markets were largely subdued, with MSCI's broadest
index of Asian shares ex-Japan falling 0.2
percent, extending the previous session's losses.
Philippine stocks slipped 0.4 percent led by
financial and real-estate shares, with conglomerate Ayala Corp
losing 0.4 percent.
"Markets had been up for five sessions, and we saw
profit-taking eating into the market yesterday. Now we're seeing
some follow through selling from the continued weakness in Wall
Street," said Manny Cruz, an analyst at Asiasec Equities Inc.
"If you look at what happened yesterday, Philippine's losses
were meagre compared to losses in other Asian markets...some of
them are recovering but now Philippines continues to suffer from
selling pressure," he added.
Vietnamese shares extended their decline, with all
major sectors in the red. Petrovietnam Gas Joint Stock Corp
lost 3.1 percent and food processor Masan Group Corp
fell 2.2 percent.
Singapore stocks, which led losses in the previous
session, posted a strong recovery with a 0.7 percent gain.
Transport provider ComfortDelGro Corp Ltd gained 3.2
percent, after a fall in the previous session.
Indonesian shares inched up, with consumer and
energy stocks offsetting losses in the telecom sector. PT
Telekomunikasi Indonesia Tbk was the biggest loser,
falling 1.1 percent, while PT Bank Mayapada Internasional Tbk
gained the most.
Malaysian stocks also ticked up, and were on track
to snap four straight days of falls.
Telecom service provider Axiata Group Bhd rose 3.7
percent and resort and hospitality operator Genting Malaysia Bhd
added 1.1 percent.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0347 GMT
Market Current Previous close Pct Move
Singapore 3051.11 3031.39 0.65
Bangkok 1643.3 1658.56 -0.92
Manila 7169.54 7197.62 -0.39
Jakarta 5804.115 5797.891 0.11
Kuala Lumpur 1703.9 1697.6 0.37
Ho Chi Minh 937.47 939.68 -0.24
Change on year
Market Current End 2017 Pct Move
Singapore 3051.11 3402.92 -10.34
Bangkok 1643.3 1753.71 -6.30
Manila 7169.54 8558.42 -16.23
Jakarta 5804.115 6355.654 -8.68
Kuala Lumpur 1703.9 1796.81 -5.17
Ho Chi Minh 937.47 984.24 -4.75
(Reporting by Rashmi Ashok in Bengaluru; Editing by Sunil Nair)
