July 6, 2016 / 10:07 AM / 2 years ago

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;  

  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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