June 24, 2016 / 6:22 AM / 2 years ago

SE Asia Stocks-Dive as Britain votes to leave EU

By Anusha Ravindranath
    June 24 (Reuters) - Southeast Asian stock markets plunged on
Friday as investors went on a selling spree after Britons voted
to leave the European Union.
    World financial markets dived as nearly complete results
showed a 51.7/48.3 percent split for leaving the 28-member bloc.
Sterling suffered its biggest one-day fall of more than 9
percent against the dollar, hitting its lowest level in three
decades on market fears the decision will hit investment in the
world's fifth largest economy.  
    Commodity markets slumped as well, with oil prices falling
more than 4 percent in Asian trading. 
    "We think UK's EU exit will generate large volatility in the
market given most market participants were betting on a Bremain
scenario," said Taye Shim, a strategist with Daewoo Securities
in Indonesia. 
    "Today's movement is a clear evidence that markets hate
unpredictable uncertainties."
    Singapore shares were heading for their biggest
percentage loss in more than four months, while Vietnam 
fell over 3 percent.
    In the city state, most sectors dropped over 1 percent with
oil and gas stocks leading the losses.
    Vietnam shares fell, led by energy stocks including
Petrovietnam Gas Joint Stock Corp, while the Philippine
market fell nearly 2 percent, after hitting a 13-month
high in early trading. 
    Malaysian stocks hit a one-week low, weighed down by
consumer cyclicals, while Thai shares slid nearly 3
percent as the energy sector took a hit.
    Indonesia fell over 2 percent with consumer
cyclicals leading the losses. 
    "Although we see limited direct impact of UK's EU exit on
Indonesia, we believe the spillover will place negative
repercussions on risky assets including Indonesia," said Taye
Shim of Daewoo Securities. 
    Asian stocks were down with MSCI's broadest index of
Asia-Pacific shares outside Japan down 5.1
For Asian Companies click;  

  STOCK MARKETS                                        
 Change on the                                         
  Market           Current       previous     Pct Move
  Singapore        2721.55       2793.85      -2.59
  Bangkok          1398.79       1436.4       -2.62
  Manila           7576.78       7729.78      -1.98
  Jakarta          4763.367      4874.309     -2.28
  Kuala Lumpur     1617.32       1639.98      -1.38
  Ho Chi Minh      610.64        632.27       -3.42
  Change so far                               
 this year                                    
  Market           Current       End prev yr  Pct Move
  Singapore        2721.55       2882.73      -5.59
  Bangkok          1398.79       1288.02      8.60
  Manila           7576.78       6952.08      8.99
  Jakarta          4763.367      4593.008     3.71
  Kuala Lumpur     1617.32       1692.51      -4.44
 Ho Chi Minh       610.64        579.03       5.46

 (Reporting by Anusha Ravindranath in Bengaluru; Additional
reporting by Fransiska Nangoy; Editing by Subhranshu Sahu)
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