SE Asia Stocks-Vietnam hits 8-1/2-year high; Philippines up
By Suhail Hassan Bhat Sept 28 (Reuters) - Vietnam shares hit an eight-and-a-half-year high on Wednesday, led by commercial banks, while Philippine stocks rose after three sessions of falls with financials and industrials leading the gains. Other Southeast Asian markets were sluggish, tracking weakness in Asian stocks on concerns over the European banking sector and as lower crude oil prices hurt investors' risk appetite. Oil fell about 3 percent on Tuesday after Saudi Arabia and Iran dashed hopes of finding a compromise this week to help ease a global glut, before rising in early trade on Wednesday as industry data showed a surprise draw in U.S. crude stocks. Markets are looking forward for next sign, and it is the third-quarter corporate earnings, said Mikey Macainag, an analyst with Manila-based Sunsecurities Inc. "The energy sector is still volatile as the oil oversupply cut is yet to come." The Vietnam Stock Index was headed for an eighth session of gains with Vietnam Joint Stock Commercial Bank for Industry and Trade rising as much as 2.61 percent, while steel conglomerate Hoa Phat Group Joint Stock Company climbed 1.5 percent. Singapore shares fell, weighed down by financials such as Oversea-Chinese Banking Corp Ltd which dropped 0.58 percent. Rig builder Keppel Corp and Sembcorp Industries declined 0.76 percent and 0.39 percent, respectively. Philippine shares were higher with BDO Unibank Inc and International Container Terminal Services Inc rising 1.45 percent and 0.4 percent, respectively. Indonesian shares gave up the previous session's gains, dragged down by financials and telecoms. Bank Central Asia Tbk PT dropped 2.8 percent, while Telekomunikasi Indonesia (Persero) was down 0.7 percent. Thailand shares were headed for a fourth straight session of declines, while Malaysia was up after two days of falls. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0344 GMT Market Current Previous Pct Move Close Singapore 2853.64 2860.23 -0.23 Bangkok 1487.11 1489.39 -0.15 Manila 7582.83 7557.34 0.34 Jakarta 5394.713 5419.604 -0.46 Kuala Lumpur 1666.17 1664.72 0.09 Ho Chi Minh 687.05 684.89 0.32 Change this year Market Current End 2015 Pct Move Singapore 2853.64 2882.73 -1.01 Bangkok 1487.11 1288.02 15.46 Manila 7582.83 6952.08 9.07 Jakarta 5394.713 4593.008 17.45 Kuala Lumpur 1666.17 1692.51 -1.56 Ho Chi Minh 687.05 579.03 18.66 (Reporting by Suhail Bhat; Editing by Subhranshu Sahu)
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