SE Asia Stocks-Largely down after Wall Street pullback; Indonesia rebounds

Last Updated: Tue, Nov 29, 2016 10:40 hrs

By Shashwat Pradhan Nov 29 (Reuters) - Southeast Asian stock markets opened mostly lower on Tuesday after Wall Street suffered its worst performance in nearly a month as some investors booked profits in financial and consumer discretionary sectors. The three major U.S. indexes had closed higher for the third week in a row on Friday, with the S&P 500 notching its seventh record close since the U.S. presidential election on Nov. 8. MSCI's broadest index of Asia-Pacific shares outside Japan barely budged after two days of gains. Sentiment was also affected by doubts that the Organization of the Petroleum Exporting Countries (OPEC) will be able to hammer out a meaningful output cut during a meeting on Wednesday aimed at controlling a global supply overhang and lifting prices. A disagreement remains among OPEC members over which producer should cut by how much. A plan for non-OPEC oil giant, Russia, to participate has failed so far. Vietnam slid nearly 1 percent, extending losses into a fourth straight session. Financials and industrials were the biggest drag on the index. "For the rest of the week, considering pressure from net-selling on blue-chips by foreign investors, we believe that bear side will still dominate the (Vietnamese) market," said Tran Minh Hoang, chief economist at Vietcombank Securities in Hanoi. Philippine stocks were headed for their second straight day of declines, with telecom stocks such as PLDT Inc and Globe Telecom accounting for nearly half the losses on the index. Indonesia recovered from previous session's losses to climb 0.8 percent, driven by financials and consumer stocks. Among the biggest gainers, the country's leading instant noodle maker PT Indofood Sukses Makmur climbed as much as 2.4 percent. Advancing issues outnumbered declining ones on the exchange by a 1.71-to-1 ratio. Thailand edged higher on the back of gains in energy and telecom stocks. Thailand's cabinet on Tuesday acknowledged the appointment of a new king, Defence Minister Prawit Wongsuwan said, more than a month after the death of revered King Bhumibol Adulyadej. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Markets at 0449 GMT Market Current previous Pct Move close Singapore 2872.23 2874.65 -0.08 Bangkok 1504.22 1500.78 0.23 Manila 6795.92 6825.4 -0.43 Jakarta 5162.602 5114.572 0.94 Kuala Lumpur 1627.25 1628.66 -0.09 Ho Chi Minh 659.4 665.29 -0.89 Change so far this year Market Current End prev yr Pct Move Singapore 2872.23 2882.73 -0.36 Bangkok 1504.22 1288.02 16.79 Manila 6795.92 6952.08 -2.25 Jakarta 5162.602 4593.008 12.40 Kuala Lumpur 1627.25 1692.51 -3.86 Ho Chi Minh 659.4 579.03 13.88 (Reporting by Shashwat Pradhan in Bengaluru; Editing by Sherry Jacob-Phillips)



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