SE Asia Stocks-Muted ahead of OPEC meet; Jakarta rebounds

Last Updated: Tue, Nov 29, 2016 16:00 hrs

By Shashwat Pradhan Nov 29 (Reuters) - Southeast Asian stocks ended largely lower on Tuesday as overnight weakness on Wall Street and doubts over a production cut by major oil exporters kept risk appetite in check. Indonesia recovered from previous session's losses to climb 0.4 percent, driven by financials and consumer stocks. The country's leading instant noodle maker PT Indofood Sukses Makmur gained 2.7 percent and was among the top gainers. U.S. stocks declined on Monday, their worst performance in nearly a month, weighed down by a pullback in the financial and consumer discretionary sectors as some investors booked profits on the heels of a record-setting week Sentiment was also affected by doubts that whether the Organization of the Petroleum Exporting Countries (OPEC) will be able to hammer out an output cut deal during a meeting on Wednesday. Non-OPEC oil production giant Russia confirmed it would not attend the OPEC gathering, but added that a meeting between the group and non-affiliated producers at a later stage was possible. Vietnam slid more than 1 percent, extending losses into a fourth straight session. Financials and utilities 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 declined for a second straight session with telecom dragging the index. Telecom giant PLDT Inc fell as much as 6.4 percent to a near 12-year low. Thailand edged lower after rising as much as 0.6 percent intraday as materials and consumer stocks declined. Thai parliament will invite Crown Prince Maha Vajiralongkorn to become the new king following the death of revered King Bhumibol Adulyadej last month, the president of the legislative body said on Tuesday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current previous Pct Move close Singapore 2879.14 2874.65 0.16 Bangkok 1497.18 1500.78 -0.24 Manila 6781.2 6825.4 -0.65 Jakarta 5136.667 5114.572 0.43 Kuala Lumpur 1626.93 1628.66 -0.11 Ho Chi Minh 658.26 665.29 -1.06 Change so far this year Market Current End prev yr Pct Move Singapore 2879.14 2882.73 -0.12 Bangkok 1497.18 1288.02 16.24 Manila 6781.2 6952.08 -2.46 Jakarta 5136.667 4593.008 11.84 Kuala Lumpur 1626.93 1692.51 -3.87 Ho Chi Minh 658.26 579.03 13.68 (Reporting by Shashwat Pradhan in Bengaluru; Editing by Vyas Mohan)



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