SE Asia Stocks-Vietnam falls on profit-taking; Thailand up
By Krishna V Kurup July 6 (Reuters) - Vietnam shares retreated on Wednesday after hitting an eight-year high in the previous session as investors booked profits, while Thailand closed marginally higher with telecom services and basic material stocks leading the gains. Activity across much of the region was subdued as most markets were closed for Eid al Fitr. Broader Asian share markets turned tail as fears over instability in the European Union returned with a vengeance, sending the pound to three-decade lows and hammering risky assets of all stripes. MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.2 percent at 0930 GMT. Oil prices edged lower, extending losses to a third straight session, as fresh bout of concern over Brexit resurfaced amid worries that central banks might not be able to soften this latest blow to global growth. Investors rushed to safe-haven assets such as sovereign debt and gold, with the yellow metal rallying to its highest in more than two years. Vietnam's benchmark stock index fell 0.2 percent, snapping seven sessions of gains. Consumer non-cyclicals and energy stocks led the decline, with Vietnam Dairy Products JSC and Petrovietnam Gas Joint Stock Corp down 0.7 percent and 1.5 percent, respectively. The market will continue to rise for three-four weeks and could reach 670 points, said Nguyen Thanh Lam, an analyst with Vietnam-based Maybank Kim Eng Securities. Thailand shares rose 0.2 percent, posting their sixth session of gains in seven. True Corp Pcl gained 4.8 percent and Indorama Ventures Pcl rose 7 percent. Investors are going to "take profit" for a while, said an analyst with KGI Securities Thailand, adding that the "Thai market will perform above 1,450 points". Singapore, Malaysia, Indonesia and Philippine stock markets were closed on Wednesday for Eid al Fitr. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on day Market Current Prev close Pct Move Bangkok 1452.59 1450.07 0.17 Ho Chi Minh 649.46 650.88 -0.22 Change on year Market Current End 2015 Pct Move Bangkok 1452.59 1288.02 12.78 Ho Chi Minh 649.46 579.03 12.16 (Reporting by Krishna V Kurup in Bengaluru; Editing by Subhranshu Sahu)
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