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(AFX UK Focus)
2009-11-23 10:37
SE Asia Stocks-Mostly weaker, but financials lift Singapore |
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By Viparat Jantraprap BANGKOK, Nov 23 (Reuters) - Singapore's stock market climbed to its highest in 15 months on Monday, pushed up by financials such as DBS and United Overseas Bank, while selling in big-cap banks and energy shares dragged Thailand down to two-week lows. Singapore's index ended up 1.3 percent at its highest since Aug. 18, 2008, with DBS Group, Southeast Asia's biggest lender, rising 2.2 percent and second-ranked United Overseas Bank 1.8 percent higher. AusGroup jumped 4.7 percent after it announced its Australian subsidiary was awarded a contract worth 100 million Australian dollar ($92 million) by BHP Billiton Iron Ore while Ying Li International Real Estate surged 4 percent. The Singapore bourse may quieten as the week goes on, however, as the market will close for a holiday on Friday. "It's a short trading week, hence do not expect any huge movement. Volume should remain low," a dealer at a brokerage firm in Singapore said. Malaysia, which will also close on Friday for a national holiday, eased 0.3 percent, with telecoms firm Axiata Group sliding 1 percent and gaming group Genting declining 1.1 percent. Indonesia edged down 0.24 percent while the Philippines and Vietnam extended their losses for a second day, dropping 0.7 percent and 3.3 percent respectively. Thailand closed 0.7 percent lower. In Indonesia, Southeast Asia's best performer last week, Astra International fell 0.3 percent and coal miner Bumi Resources lost 2.7 percent after announcing a bond issuance plan to finance acquisitions. In Bangkok, the index slid to its lowest since Nov. 5 amid political concerns, with selling hitting big caps across the board. Number three bank Siam Commercial Bank dropped 3.4 percent while fourth-ranked Kasikornbank fell 2.1 percent. "The lack of a buying catalyst remains the major problem, amid the uncertainty over Map Ta Phut industrial estate and the "red-shirt" rally planned for later this week," KGI Securities strategist Rakpong Chaisuparakul said. Some operations at the huge industrial estate have been suspended pending a court decision on environmental problems. Former Thai premier Thaksin Shinawatra's supporters plan a major anti-government protest in Bangkok from this weekend. "When combined with the rebound in the U.S. dollar following its recent plunge, key commodity plays should remain under pressure," Rakpong said. Among energy shares, PTT, Thailand's biggest energy firm, was down 0.9 percent, its exploration flagship PTT Exploration and Production fell 1.5 percent and top refiner Thai Oil dropped 1.2 percent.
In Manila, Manila Electric fell 3.1 percent and Bank
of the Philippine Islands slid 2.1 percent. In Hanoi,
the index hit its lowest since Nov. 13, led by VietinBank and Vinamilk, each losing more than 3 percent.
(Editing by Alan Raybould)
((viparat.jantraprapaweth@thomsonreuters.com; +66 2 648 9733;
Reuters Messaging:
viparat.jantraprapaweth.thomsonreuters.com@reuters.net))
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