SE Asia Stocks-Vietnam sheds nearly 1 pct; Thailand gains for 6th session

Tuesday, October 31 2017

SE Asia Stocks-Vietnam sheds nearly 1 pct; Thailand gains for 6th session SE Asia Stocks-Vietnam sheds nearly 1 pct; Thailand gains for 6th session Source : Last 16:00 hrs
By Devika Syamnath Oct 31 (Reuters) - Southeast Asian stocks were largely subdued on Tuesday after data showed China's factory growth slowed more than expected in October, with Vietnam dropping nearly 1 percent, while Thailand gained for the sixth session on strong industrial output data. In Vietnam, real estate developer FLC Faros Constructions fell 4.6 percent after briefly touching a record high earlier in the session, dragging the main index. The builder said its third-quarter net profit fell 20.8 percent, year over year. "A purely speculative stock in the Vietnamese market that has been going up ceiling after ceiling in the last week-and-a-half has become one of the largest companies on the stock market and so has an exaggerated impact on the index," said Fiachra Mac Cana, head of research at Ho Chi Minh Securities. Singapore shares closed down 0.1 percent, with the city-state's largest mobile network operator Singtel pulling down the index. The index gained 4.8 percent this month, after two straight months of losses. "Southeast Asian markets fared mixed as the fall in China PMI numbers... affected the economies with strong trade ties with China namely Malaysia, Singapore and Vietnam," said Redza Rahman, head of research at MDIF. Growth in China's manufacturing sector cooled more than expected in October in the face of tighter pollution rules that are forcing many steel mills, smelters and factories to curtail production over the winter. Meanwhile, Thai shares closed 0.2 percent higher, buoyed by industrials and energy stocks. Thailand's industrial output rose for a third straight month in September on an annual basis, beating forecasts. The country's October inflation data is due on Wednesday. Airports of Thailand rose 1.7 percent, while renewable energy company Energy Absolute surged 8.1 percent. The Thai index has risen nearly 3 percent this month, marking its fifth straight monthly gain. Indonesian shares snapped three straight sessions of declines to close 0.5 percent firmer. The index has risen 1.8 percent this month, its ninth straight monthly gain. Bank Central Asia, the country's largest lender by market value, led the gains and rose 2.3 percent, while Chandra Asri Petrochemical surged 7 percent. The Philippine stock market was closed on Tuesday and will remain shut on Wednesday on account of public holidays. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Previous Pct Move close Singapore 3374.08 3375.97 -0.06 Bangkok 1721.37 1718.66 0.16 Jakarta 6005.784 5974.077 0.53 Kuala Lumpur 1747.92 1748.35 -0.02 Ho Chi Minh 837.28 845.2 -0.94 Change on year Market Current End 2016 Pct Move Singapore 3374.08 2880.76 17.12 Bangkok 1721.37 1542.94 11.56 Jakarta 6005.784 5296.711 13.39 Kuala Lumpur 1747.92 1641.73 6.47 Ho Chi Minh 837.28 664.87 25.93 (Reporting by Devika Syamnath; Editing by Amrutha Gayathri) SEARCH