December 5, 2016 / 4:21 AM / 2 years ago

SE Asia Stocks-Lacklustre on eurozone uncertainty; Philippines down on profit-taking

By Aparajita Saxena
    Dec 5 (Reuters) - Southeast Asian stock markets were subdued
on Monday as investors kept to the sidelines after Italian Prime
Minister Matteo Renzi said he would resign following heavy
defeat on constitutional referendum, raising political
uncertainty in the euro zone.
    Renzi's decision to quit deals a fresh blow to the European
Union at a time when Italy, the euro zone's heavily indebted
third-largest economy, is struggling to overcome a raft of
    His defeat also prompts fresh ructions in markets,
especially in the banking sector which has lost almost half its
value this year on the Milan bourse, on fears over its huge
exposure to bad loans accumulated during years of economic
    "While markets would remain buzzy, we do not expect the "no"
results (from the Italian referendum) to place material impact
to the financial markets," Taye Shim, an analyst with Daewoo
Securities, said in a note.
    "As a quick reminder, global financial markets bounced back
quickly after unexpected outcomes such as Brexit and (Donald)
Trump's victory."
    Philippine shares fell 0.7 percent, underperforming
other regional markets, on profit-booking, analysts said. Real
estate firm Megaworld Corp fell the most, shedding as
much as 3.5 percent.
    Financials led the losses, with index heavyweight Ayala Corp
 shedding 1.7 percent.
    Singapore shares were flat with a slight upside bias.
   Shares of telecommunication services companies underperformed
other sectors, with SingTel leading the losses.
SingTel's fibre broadband users were unable to access internet
for over 12 hours due to a service outage, the Straits Times
    Oil rig builders Sembcorp Industries and Keppel
Corp were the biggest losers, tracking falls in oil
    Indonesian shares were up 0.3 percent, led by gains
in energy stocks. The country, which has been a net oil importer
since 2000, suspended its membership of the Organization of the
Petroleum Exporting Countries last week as it said it could not
agree to the production cuts undertaken by the group.
    Mining contractor United Tractors Tbk PT was the
biggest gainer in the sector, rising as much as 3.8 percent.
    Malaysia was flat, while Thailand was closed
for the late King Bhumibol Adulyadej's birthday.
For Asian Companies click;  

  Market            Current       Previous Close  Pct Move
  Singapore         2925.1        2919.37         0.20
  Manila            6840.96       6886.74         -0.66
  Jakarta           5261.828      5245.956        0.30
  Kuala Lumpur      1630.56       1628.96         0.10
  Ho Chi Minh       662.86        665.14          -0.34
  Change this year                                
  Market            Current       End 2015        Pct Move
  Singapore         2925.1        2882.73         1.47
  Manila            6840.96       6952.08         -1.60
  Jakarta           5261.828      4593.008        14.56
  Kuala Lumpur      1630.56       1692.51         -3.66
  Ho Chi Minh       662.86        579.03          14.48
 (Reporting by Aparajita Saxena in Bengaluru; Editing by
Subhranshu Sahu)
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