Philippines sheds 1pc, Vietnam slips from near 10-year high
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SINGAPORE, Nov 15 — Most South-east Asian stock markets weakened today, with the Philippines slipping more than 1 per cent and Vietnam pulling away from a near decade high, as a slide in global equities and oil prices spurred risk aversion.
Broader Asian shares edged down, tracking overnight losses on Wall Street, after oil prices took a beating on weak demand outlook.
The International Energy Agency yesterday cut its oil demand growth forecast for the year and next, implying that the world oil consumption may not, as many expect, 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,” said Mizuho Bank in a research note.
Singapore shares edged 0.8 per cent lower, with financials and industrials accounting for the losses.
The city-state's biggest lender DBS Group Holdings Ltd fell 0.9 per cent, while conglomerate Jardine Matheson Holdings Ltd dropped 2.3 per cent.
The Vietnamese index fell 0.4 per cent, snapping an eight-session gaining streak that lifted the index to its highest close in nearly 10 years in the previous session.
Real estate developer Vincom Retail Joint Stock Co fell 5.6 per cent and was among the top drags on the index.
Philippine shares shed 1.1 per cent, dragged by industrials, with SM Investments Corp down 2.8 per cent, and JG Summit Holdings losing 3.3 per cent.
Thai shares slumped 0.3 per cent, with energy stocks leading the losses. Gas and petroleum distributor PTT Public Co Ltd down 1 per cent, was the biggest drag.
In contrast to the broader trend, Indonesian shares climbed about 0.1 per cent, with Bank Central Asia Tbk up 1.2 per cent.
“The third-quarter cumulative non-tax revenue soared close to 40 per cent, and that was driven by commodities, natural resources,” said Taye Shim, head of research at Mirae Asset Sekuritas, Indonesia.
The index of the 45 most liquid stocks in Indonesia rose 0.3 per cent.
Indonesia posted a trade surplus for a third straight month in October, the statistics bureau said on today, as improved demand for commodities underpinned exports from South-east Asia's biggest economy. — Reuters