SE Asia Stocks-Lower as Deutsche Bank woes spook investors
By Anusha Ravindranath Sept 30 (Reuters) - Southeast Asian share markets fell on Friday tracking Asian peers as concerns over the stability of Germany's largest lender, Deutsche Bank, prompted investors to pull back from financial stocks. Negative sentiment spilled over to regional markets with banking names facing fresh trouble after U.S.-listed shares of Deutsche Bank hit a record low overnight following a report that trading clients had withdrawn excess cash and positions held in the German lender. "The concern over Deutsche Bank's stability was driving down Wall Street. I think, that negative sentiment is spilling over to Asia and other regional markets," said Victor Felix, an analyst with AB Capital Securities. "I'm not surprised that Singapore's financial index is taking losses as it is more of a Western-oriented market." Asian stocks followed Wall Street lower in early trade with MSCI's broadest index of Asia-Pacific shares outside Japan losing 0.5 percent. Singapore shares were the worst hit with the index falling over 1 percent. Financials, the biggest constituent of the index, fell with DBS Group Holdings Ltd and United Overseas Bank Ltd among the worst performers. Vietnam markets dropped, ending a nine-day winning streak, while Indonesia drifted lower after three sessions of gains. Philippine stocks snapped two sessions of gains with financials, the biggest index component, losing ground. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0352 GMT Market Current Previous Pct Move Close Singapore 2859.37 2885.71 -0.91 Bangkok 1487.65 1491.43 -0.25 Manila 7651.44 7714.86 -0.82 Jakarta 5426.88 5431.957 -0.09 Kuala Lumpur 1664.74 1669.64 -0.29 Ho Chi Minh 687.57 688.55 -0.14 Change so far this year Market Current End 2015 Pct Move Singapore 2859.37 2882.73 -0.81 Bangkok 1487.65 1288.02 15.50 Manila 7651.44 6952.08 10.06 Jakarta 5426.88 4593.008 18.16 Kuala Lumpur 1664.74 1692.51 -1.64 Ho Chi Minh 687.57 579.03 18.75 (Reporting by Anusha Ravindranath in Bengaluru; Editing by Sunil Nair)
© Thomson Reuters 2017 All rights reserved.