October 10, 2016 / 9:57 AM / 2 years ago

SE Asia Stocks-Thai stocks tumble after palace statement on King's health

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.
    It is unusual for the palace to state that the king's health
is not stable. Statements on his health are usually issued after
the monarch's condition shows improvement or when he is
recovering from an illness. 
    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 closed at its lowest in over
three weeks dragged down by financial and consumer stocks.
    Investors shrugged off deputy prime minister Somkid
Jatusripitak's comment that Thailand's economy is expected to
grow 3.2 percent to 3.5 percent this year. 
    Vietnam fell 1.4 percent to its biggest intraday
percentage loss in nearly a month as energy and basic materials
sectors performed poorly.
    Petrovietnam Gas Joint Stock Corp and construction
steel producer Hoa Phat Group JSC lost nearly five
percent each.
    Oil prices fell on Monday over doubts that an OPEC-led plan
to cut output would ease a supply glut that has dogged markets
for over two years.  
    Philippine stocks declined for a fourth consecutive
session to its lowest in three weeks as investors appeared to
take a step back from ploughing funds into the broader market as
they awaited Pilipinas Shell Petroleum Corp's IPO-PSP.PS
initial public offering. 
    "I believe a lot of domestic investors are conserving funds
for the IPO," said Joseph Roxas, an analyst with Manila-based
Eagle Equities.
    Singapore shares fell to their lowest in a week,
pulled down by consumer goods and oil & gas. 
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  STOCK MARKETS                                         
  Change on day                                         
  Market            Current       Previous     Pct Move
  Singapore         2870.24       2875.24      -0.17
  Bangkok           1457.02       1504.34      -3.15
  Manila            7534.71       7578.29      -0.58
  Jakarta           5360.828      5377.149     -0.30
  Kuala Lumpur      1665.32       1665.38      0.00
 Ho Chi Minh        674.19        683.95       -1.43
  Change on year                               
  Market            Current       End 2015     Pct Move
  Singapore         2870.24       2882.73      -0.43
  Bangkok           1457.02       1288.02      13.12
  Manila            7534.71       6952.08      8.38
  Jakarta           5360.828      4593.008     16.72
  Kuala Lumpur      1665.32       1692.51      -1.61
 Ho Chi Minh        674.19        579.03       16.43
 (Reporting by Susan Mathew in Bengaluru; Additional reporting
by Nichola Saminather in Singapore; Editing by Shri Navaratnam)
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