SE Asia Stocks-Follow broader Asia lower; Vietnam up

By Nicole Pinto
June 28 (Reuters) – Most southeast Asian stock markets ended lower on
Wednesday tracking losses in Asian peers following a weak handover from Wall
Street, while Vietnam rose as consumer staples and utilities firmed up.
MSCI’s broadest index of Asia-Pacific shares outside Japan
dropped 0.5 percent, pulling back from a two-year high hit on Monday.
The S&P 500 index posted its biggest one-day drop in about six weeks
on Tuesday and closed at its lowest point since May 31 after U.S. Senate
Republican leaders postponed a vote on a healthcare overhaul.
The new legislation proposes to repeal major elements of Obamacare and
shrink the Medicaid government healthcare program for the poor.
“We’re trying to see how the Trump administration will be reacting to this
news, but I think it’s showing that there is no solidarity or that Trump cannot
really hold onto his government,” said Mikey Macanaig, an analyst with
Sunsecurities Inc.
Vietnam shares ended 0.2 percent higher with Vietnam Dairy Products
climbing 1.2 percent and Vinacafe Bien Hoa gaining 6.8
percent. Petrovietnam Gas Joint Stock Corp rose 1.6 percent
Malaysia shares closed at their lowest in nearly one month, with the
consumer discretionary sector accounting for most of the losses.
Genting Malaysia Bhd and Genting Bhd lost 4.1 percent
and 2.3 percent, respectively.
Singapore shares edged down 0.1 percent as index heavyweights
HongKong Land Holdings and Jardine Matheson Holdings fell
1.6 percent and one percent, respectively.
“Singapore tech stocks fell tracking the global easing in technology
stocks,” Singapore-based Net Research Asia said in a note.
On Tuesday, the S&P 500 Information Technology sector fell 1.7
percent to an over one-month closing low.
Philippine shares fell 0.2 percent lower with SM Prime Holdings
and Metropolitan Bank and Trust down 0.9 percent and 1.6
percent each.
The country has been affected by a violent unrest in the southern state of
Marawi where some 71 security forces and 299 militants have been killed and
246,000 people displaced in a conflict which erupted after a failed attempt on
May 23 to arrest a Filipino militant commander backed by Islamic State’s
leadership.
Indonesia’s financial markets were closed on account of a national
holiday.

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SOUTHEAST ASIAN STOCK MARKETS
Change on the
day
Market Current Previous Pct Move
Close
Singapore 3215.7 3219.53 -0.12
Bangkok 1582.63 1586.45 -0.24
Manila 7857.18 7876.37 -0.24
Kuala Lumpur 1771.23 1779.45 -0.46
Ho Chi Minh 769.04 767.51 0.20

Change so far
this year
Market Current End 2016 Pct Move
Singapore 3215.7 2880.76 11.63
Bangkok 1582.63 1542.94 2.57
Manila 7857.18 6840.64 14.86
Kuala Lumpur 1771.23 1641.73 7.89
Ho Chi Minh 769.04 664.87 15.67

(Reporting by Nicole Pinto; Editing by Vyas Mohan)

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