SE Asia Stocks-Thailand posts biggest intraday fall since August 2015
By Susan Mathew Oct 10 (Reuters) - Thai shares fell 3.6 percent on Monday in their biggest intraday percentage drop since August 2015 after the palace said late on Sunday that King Bhumibol Adulyadej's health was in an unstable condition after receiving haemodialysis treatment. News about the king is closely monitored in financial markets in Thailand, where he is widely revered and where he is seen as arbiter in politics. Anxiety over the king's health and an eventual succession has formed the backdrop to more than a decade of bitter political divide in Thailand that has included two military coups and often-violent street demonstrations. "In the short term, it will create some uncertainty for Thailand, which will mean we'll see not as many people wanting to invest," said Josh Crabb, head of Asian equities at Old Mutual Global Investors in Hong Kong. The Thai stock index was headed for its second straight session of falls, declining to its lowest in over three weeks. While all sectors dropped, financial and consumer stocks were the biggest losers. Siam Commercial Bank Pcl and Kasikornbank Pcl shed about 3 percent each. Meanwhile, most other Southeast Asian stock markets fell with the Philippines declining for a fourth consecutive session to its lowest in three weeks. "There is quite a big IPO coming up and I believe a lot of domestic investors are conserving funds for the same," said Joseph Roxas, an analyst with Manila-based Eagle Equities. Pilipinas Shell Petroleum Corp IPO-PSP.PS, a unit of Royal Dutch Shell PLC, is looking to raise up to $400 million from an initial public offering. Bookbuilding runs from Thursday through Oct. 12, IFR reported. Singapore shares fell to their lowest in a week, pulled down by consumer goods and oil & gas. Thai Beverage PCL was the biggest loser on the index. Bucking the trend, Malaysian shares eked out marginal gains. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change at 0521 GMT Market Current Previous Pct Move Close Singapore 2866.48 2875.24 -0.30 Bangkok 1460.66 1504.34 -2.90 Manila 7533.85 7578.29 -0.59 Jakarta 5372.693 5377.149 -0.08 Kuala Lumpur 1667.02 1665.38 0.10 Ho Chi Minh 682.33 683.95 -0.24 Change on year Market Current End 2015 Pct Move Singapore 2866.48 2882.73 -0.56 Bangkok 1460.66 1288.02 13.40 Manila 7533.85 6952.08 8.37 Jakarta 5372.693 4593.008 16.98 Kuala Lumpur 1667.02 1692.51 -1.51 Ho Chi Minh 682.33 579.03 17.84 (Reporting by Susan Mathew; Additional reporting by Nichola Saminather in Singapore; Editing by Subhranshu Sahu)
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