SE Asia Stocks-Subdued as oil price slips; Vietnam, Philippines down

Last Updated: Mon, Nov 28, 2016 11:00 hrs

By Sindhu Chandrasekaran Nov 28 (Reuters) - Vietnam shares fell to a three-week low on Monday led by consumer staples and industrials, while the Philippine index fell on losses in industrials and real estate shares. A dip in oil prices on Monday on fears that producer countries may fail to agree an output cut at their meeting on Wednesday kept other markets subdued. Brent crude futures fell as much as 2.0 percent in Asia on top of their 3.6 percent decline on Friday. Saudi Arabian energy minister Khalid al-Falih said on Sunday that he believed the oil market would balance itself in 2017 even if producers did not intervene, and that keeping output at current levels could therefore be justified. Losses in the dollar index on Monday, that shed 0.62 percent to 100.86, adding to Friday's losses, further kept investors on the sidelines. "Investors are trying to buy dollars, especially if the dollar is correcting itself. Probably they are shifting their funds to the U.S. stock market," said Mikey Macainag, an analyst with Manila-based Sunsecurities Inc. "The fall in oil prices will have an impact on oil exporters like Indonesia and Malaysia. Oil is probably why the Southeast Asian markets are not doing well today." Vietnam fell 1.5 percent, extending losses for a third session, pulled down by a nearly 6 percent fall in consumer cyclical company Faros Construction Corp. Vietnam's November consumer price index released by the government's General Statistics Office on Monday showed annual inflation at 4.52 pct, up from 4.09 percent in October. Philippine shares shed 0.8 percent, snapping three sessions of gains. Indonesia eased 0.2 percent, led by industrials and financials. "We expect Jakarta Composite Index to form a technical rebound today with an upward movement within today's support and resistance level of 5100-5145," said Trimegah Securities in a note. Bucking the trend, Singapore rose 0.8 percent, extending gains for a fifth session with financials leading the gains. The city-state's three big banks gained. DBS Group Holdings was up 1.5 percent, United Overseas Bank Ltd rose 0.9 percent and Oversea-Chinese Banking Corp gained 1.9 percent. Malaysia and Thailand rose marginally. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Market at 0445GMT Current previous Pct Move close Singapore 2882.41 2859.33 0.81 Bangkok 1502.2 1500.4 0.12 Manila 6834.54 6889.78 -0.80 Jakarta 5113.079 5122.104 -0.18 Kuala Lumpur 1628.19 1627.26 0.06 Ho Chi Minh 665.63 675.87 -1.52 Change on year Market Current End 2015 Pct Move Singapore 2882.41 2882.73 -0.01 Bangkok 1502.2 1288.02 16.63 Manila 6834.54 6952.08 -1.69 Jakarta 5113.079 4593.008 11.32 Kuala Lumpur 1628.19 1692.51 -3.80 Ho Chi Minh 665.63 579.03 14.96 (Reporting by Sindhu Chandrasekaran; Editing by Sunil Nair)

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