May 26, 2017 / 10:22 AM / a year ago

SE Asia Stocks-Soft as OPEC-led supply cut extension disappoints

    By Christina Martin
    May 26 (Reuters) - Southeast Asian shares ended flat to
lower on Friday tracking weakness in Asian peers after an
OPEC-led decision to extend output cut fell short of
expectations, triggering a sell-off in energy stocks.
    At Thursday's meeting in Vienna, the Organization of the
Petroleum Exporting Countries and some non-OPEC producers agreed
to extend a pledge to cut production to March 2018 but investors
had expected a longer and/or deeper supply cut.
    Oil prices edged up after plunging five percent, but stock
markets still remained on the back foot .
    In Asia, MSCI's broadest index of Asia-Pacific shares
outside Japan fell 0.1 percent after closing at
a two-year high on Thursday.
    "The drubbing in crude basically threw a wet blanket over
the entire space (Southeast Asia)," said Emmanuel Ng, a
strategist at OCBC Bank, Singapore.
    "Most of our (Southeast Asian) markets have a similar
structure in that energy and oil stocks are very big in terms of
market-cap contribution to the overall index calculation, so I
think the selling pressure in energy stocks is what is weighing
down the markets," added Rakpong Chaisuparakul, a strategist
with KGI Securities (Thailand).
    Singapore shares fell 0.5 percent, snapping three
straight days of gains, dragged by financials and industrials,
but the index ended the week marginally higher. 
    DBS Group dropped 1.1 percent, while Jardine
Matheson Holdings Ltd shed one percent. 
    Indonesia ended 0.2 percent higher, led by consumer
    Gudang Garam Tbk PT gained 0.9 percent and Sumber
Alfaria Trijaya Tbk PT climbed 3.7 percent. 
    However, the index ended the week 1.30 percent lower. 
    Malaysian shares remained largely unchanged with
consumer cyclicals, healthcare and energy stocks weighing on the
    Thailand finished flat, ending higher for a second
straight week, while the Philippines, down 0.1 percent,
snapped two weeks of losses.
For Asian Companies click;  

  Market           Current   Previous Close  Pct Move
  Singapore        3219.42   3234.37         -0.46
  Bangkok          1569.27   1569.41         -0.01
  Manila           7867.49   7871.65         -0.05
  Jakarta          5716.815  5703.433        0.23
  Kuala Lumpur     1772.3    1773.96         -0.09
  Ho Chi Minh      743.41    741.91          0.20
  Change on year                             
  Market           Current   End 2016        Pct Move
  Singapore        3219.42   2880.76         11.76
  Bangkok          1569.27   1542.94         1.71
  Manila           7867.49   6840.64         15.01
  Jakarta          5716.815  5296.711        7.93
  Kuala Lumpur     1772.3    1641.73         7.95
  Ho Chi Minh      743.41    664.87          11.81


 (Reporting by Christina Martin in Bengaluru; Editing by Vyas
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