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Thailand falls on energy slump, Singapore recovers

10/24/2018 | 01:21am EST
A man monitors a stock index board at a bank in Bangkok

(Reuters) - Thai shares fell nearly 1 percent on Wednesday as the country's energy sector came under pressure after oil prices slumped overnight, while shares in Singapore pulled back from the previous day's losses.

Thai stocks <.SETI> were down 0.9 percent, having resumed trading after a local holiday, with PTT Public Company Ltd falling 2 percent, while PTT Exploration and Production Public Co Ltd shed 2.5 percent.

Crude prices hurtled to two-month lows on Tuesday after Saudi Arabia said it could supply more crude quickly if needed to meet possible shortfalls ahead of U.S. sanctions on Iran.[MKTS/GLOB]

Meanwhile, mounting diplomatic pressure on Saudi Arabia over journalist Jamal Khashoggi's death and worries about U.S. corporate earnings weighed on sentiment.

Asian markets were largely subdued, with MSCI's broadest index of Asian shares ex-Japan <.MIAPJ0000PUS> falling 0.2 percent, extending the previous session's losses.

Philippine stocks <.PSI> slipped 0.4 percent led by financial and real-estate shares, with conglomerate Ayala Corp losing 0.4 percent.

"Markets had been up for five sessions, and we saw profit-taking eating into the market yesterday. Now we're seeing some follow through selling from the continued weakness in Wall Street," said Manny Cruz, an analyst at Asiasec Equities Inc.

"If you look at what happened yesterday, Philippine's losses were meagre compared to losses in other Asian markets...some of them are recovering but now Philippines continues to suffer from selling pressure," he added.

Vietnamese shares <.VNI> extended their decline, with all major sectors in the red. Petrovietnam Gas Joint Stock Corp lost 3.1 percent and food processor Masan Group Corp fell 2.2 percent.

Singapore stocks <.STI>, which led losses in the previous session, posted a strong recovery with a 0.7 percent gain. Transport provider ComfortDelGro Corp Ltd gained 3.2 percent, after a fall in the previous session.

Indonesian shares <.JKSE> inched up, with consumer and energy stocks offsetting losses in the telecom sector. PT Telekomunikasi Indonesia Tbk was the biggest loser, falling 1.1 percent, while PT Bank Mayapada Internasional Tbk gained the most.

Malaysian stocks <.KLSE> also ticked up, and were on track to snap four straight days of falls.

Telecom service provider Axiata Group Bhd rose 3.7 percent and resort and hospitality operator Genting Malaysia Bhd added 1.1 percent.

(Reporting by Rashmi Ashok in Bengaluru; Editing by Sunil Nair)

By Rashmi Ashok

© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
AXIATA GROUP -2.12% 3.7 End-of-day quote.-10.63%
AYALA CORPORATION 2.29% 849 End-of-day quote.8.08%
COMFORTDELGRO CORPORATION LIMITED -1.82% 1.62 End-of-day quote.-31.93%
GENTING MALAYSIA -0.40% 2.5 End-of-day quote.-24.01%
JUST GROUP PLC -0.13% 56.2 Delayed Quote.-28.80%
LINE CORPORATION 0.19% 5380 End-of-day quote.0.56%
MASAN GROUP CORPORATION 0.24% 83200 End-of-day quote.47.26%
PETROVIETNAM GASCORPORATION 0.60% 84000 End-of-day quote.-10.35%
PT BANK MAYAPADA INTERNASIONAL TBK -5.33% 8000 End-of-day quote.-12.09%
PTT 0.00% 41 End-of-day quote.-6.82%
PTT EXPLORATION AND PRODUCTION 0.00% 98.5 End-of-day quote.-20.88%
SET 1.44% 1438.32 Real-time Quote.-10.25%
SNAP INC. 6.72% 47.49 Delayed Quote.190.81%
TBK CO., LTD. -0.89% 445 End-of-day quote.-2.41%
WILL GROUP, INC. 0.20% 990 End-of-day quote.-20.93%
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