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Southeast Asia stocks - Post weekly losses, Singapore hits 21-month closing low

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10/26/2018 | 06:03am EST
An SGX sign is pictured at Singapore's stock exchange

(Reuters) - Most Southeast Asian stock markets dropped on Friday, tracking broader Asia as fears over cooling global growth and trade tensions hit investor confidence, while Philippine shares rebounded after three losing sessions.

Singapore shares <.STI> fell 1.4 percent to a 21-month closing low, as Asian shares ex-Japan <.MIAPJ0000PUS> dropped to their lowest since February 2017 and S&P E-mini futures slumped in Asian trading on Friday. [MKTS/GLOB]

The city-state's lender United Overseas Bank Limited closed 3.5 percent lower, while casino operator Genting Singapore Ltd dropped 2.8 percent.

Singapore shares dropped 3 percent this week, their fourth straight week of losses.

Thai shares <.SETI> fell 0.9 percent in the session, deepening the week's losses to 2.3 percent and marking their fourth losing week.

The index was dragged down by energy stocks such as oil and gas producer PTT PCL, which shed 2 percent, and PTT Exploration and Production PCL, which lost 1.5 percent.

Oil prices fell on Friday and were on track for a third weekly loss, as Saudi Arabia warned of rising inventories amid a slump in global markets and trade that dampens the outlook for fuel demand. [O/R]

Malaysian stocks <.KLSE> extended their losses to a seventh straight session, as mobile communications provider Digi.Com Berhad fell 1.7 percent and marine port operator MISC Berhad gave up 2.3 percent. The index dropped 2.8 percent on the week.

Vietnam <.VNI> closed 1 percent down, wrapping up its fourth consecutive losing week, with weekly losses ballooning to 6 percent.

Real-estate stocks weighed down the market the most in the session, with Vinhomes Joint Stock Company losing 5.1 percent and No Va Land Investment Group Corp shedding 1.9 percent.

Philippine stocks <.PSI> gained 1.4 percent in the session, clawing back some of the week's earlier losses, as investors snapped up beaten down stocks as valuations turned attractive. However, the index still recorded a weekly loss of 1.2 percent.

Conglomerate SM Investments Corp added 4.1 percent in the session while San Miguel Corp edged up 2.9 percent.

Indonesian shares <.JKSE> closed 0.5 percent higher, but still ended the week with a 0.9 percent drop.

PT Bank Central Asia Tbk gained 3.1 percent in the session and telecom operator PT Telekomunikasi Indonesia Tbk gained 2.3 percent.

(Reporting by Rashmi Ashok; Editing by Amrutha Gayathri)

By Rashmi Ashok

Stocks mentioned in the article
ChangeLast1st jan.
BANK CENTRAL ASIA TBK PT End-of-day quote.
DIGI.COM BHD End-of-day quote.
GENTING SINGAPORE LTD End-of-day quote.
MISC BHD End-of-day quote.
NO VA LAND INVESTMENT GROUP CORP End-of-day quote.
PTT EXPLORATION AND PRODUCTION PCL End-of-day quote.
PTT PUBLIC COMPANY LIMITED End-of-day quote.
SAN MIGUEL CORP End-of-day quote.
SM INVESTMENTS CORPORATION End-of-day quote.
TELEKOMUNIKASI INDONESIA (PERSERO) TBKPT End-of-day quote.
UNITED OVERSEAS BANK LIMITED 0.43% 25.52 End-of-day quote.3.40%
VINHOMES JSC End-of-day quote.
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