ASEAN KEY DESTINATIONS
SE Asia stocks drop, led by financial, energy sectors
Southeast Asian stocks dropped on Wednesday, with financials such as DBS Group pulling Singapore down for a second day and energy shares like PTT and Banpu helping to send the Thai market to its lowest in over a week, reported Reuters.
Oil prices slipped back near to 20-month lows and poor corporate earnings highlighted the damage to companies and consumers from the global economic slowdown.
"Regional markets are weighed down by weak commodities prices. Stock markets in Southeast Asia are playing on specific stories and Thailand was dragged down by the MSCI report," said Warut Siwasariyanon, head of research at Finansa Securities in Bangkok.
Thailand's biggest industrial conglomerate, Siam Cement , dropped 2.64 percent and Central Pattana , the biggest retail store operator, was down 6.09 percent after index provider MSCI Barra removed the two firms from an index.
The cut was part of MSCI's semi-annual review of its indexes, effective from November 25.
Thai index heavyweight energy PTT dropped 2.34 percent and the biggest coal miner, Banpu, fell 4.85 percent.
That dragged Thailand's main stock index down 1.49 percent to its lowest since Nov. 3, while Singapore's Straits Times Index shed 1.27 percent.
Top Singapore bank DBS Group fell 3.27 percent and UOB was 2.46 percent lower.
Wilmar International , the world's largest listed palm oil firm, gained 2.32 percent after it posted a 147 percent rise in quarterly net profit.
Singapore Telecommunications rose 1.28 percent, Southeast Asia's largest phone firm recovering from an early fall after it reported a 12 percent drop in quarterly profit.
Malaysia's index slid 0.48 percent, the second day of falls, Jakarta shares lost 0.74 percent and Vietnam shares ended 2.67 percent lower at a two-week low.
But Philippine shares eked out a 0.03 percent gain.
In Kuala Lumpur, shares in Telekom Malaysia fell over 15 percent after the fixed-line operator reported a third-quarter net loss, while top lender Maybank lost 0.9 percent after weaker first-quarter earnings.
In Jakarta, PT Telekomunikasi Indonesia Tbk , Indonesia's largest telecoms firm, fell 1.64 percent and gas distribution firm PT Perusahaan Gas Negara Tbk was 2.08 percent lower.