SE Asia Stocks-Down as China woes spook markets; energy shares hit

jueves 7 de enero de 2016 07:24 GYT

BANGKOK, Jan 7 (Reuters) - Stock markets in Singapore,
Thailand and the Philippines suffered their worst drop in more
than four months on Thursday, as trade in Chinese shares was
halted following a sell-off, while weak oil prices put pressure
on energy stocks.
    Singapore's Straits Times Index, Thailand's benchmark
SET index and the Philippine composite index 
finished down almost 3 percent each, their biggest single-day
fall since Aug. 24.
    Trading volume in Singapore was 2.2 times the 30-day
average. The heavy sell-off was partly due to stock sales
programmes by proprietary funds and hedge funds, an equities
dealer in Singapore said.
    "It was the reaction that affected Singapore. In the case of
most funds, if they invest cross-country and cannot sell in
China to raise money, then they will have to sell it elsewhere,"
the dealer said.
    The Thai bourse said foreign investors sold shares worth a
net 1.5 billion baht ($41.35 million), a fourth straight session
of sales this year. The Thai baht hit its weakest since
Oct. 6 amid continuous foreign selling. 
    Bank of Thailand assistant governor Chantavarn Sucharitakul
said the weakening baht was largely in line with the trend in
regional currencies, and there were no signs of panic in the
    Among the worst-hit energy shares, Thai PTT Exploration and
Production plunged 10 percent, Philippine Energy
Development Corp shed 7.4 percent and Malaysia's
Sapurakencana Petroleum dropped 7.3 percent. 
    After China witnessed a fall in the yuan, global shares
tumbled for the sixth session on Thursday, oil prices fell to
near 12-year lows, and Shanghai shares tumbled 7 percent,
igniting fears of competitive devaluations across Asia.
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 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          2729.91       2804.27       -2.65
 Kuala Lumpur       1655.13       1667.97       -0.77
 Bangkok            1224.83       1260.04       -2.79
 Jakarta            4530.45       4608.98       -1.70
 Manila             6618.88       6813.90       -2.86
 Ho Chi Minh         565.36        574.57       -1.60
 Change on year
 Market             Current       End 2015    Pct Move
 Singapore          2729.91       2882.73       -5.30
 Kuala Lumpur       1655.13       1692.51       -2.21
 Bangkok            1224.83       1288.02       -4.91
 Jakarta            4530.45       4593.00       -1.36
 Manila             6618.88       6952.08       -4.79
 Ho Chi Minh         565.36        579.03       -2.36
 ($1 = 36.2800 baht)

 (Reporting by Viparat Jantraprap; Editing by Sherry