SE Asia Stocks-Most fall after Trump exits Iran nuclear deal
* Asian shares ex-Japan down 0.2 pct
* Thai shares slide for a fifth straight session
By Karthika Suresh Namboothiri
May 9 (Reuters) - Most Southeast Asian stock markets fell on
Wednesday, after U.S. President Donald Trump pulled out of a
nuclear deal with Iran, sending oil prices to over 3-year peaks
and rattling share markets across the region.
Asia shares outside Japan ticked down as
renewed U.S. sanctions on Tehran were seen as disruptive for
many companies that have deals with Iran.
Oil prices rose more than 2 percent after Trump's move,
likely curbing Iran's crude exports in an already tight market.
"Asian markets are quite susceptible to foreign pressure
because they are heavily dependent on oil," said Manny Cruz,
analyst at the Manila-based Asiasec Equities Inc.
"Inflation is a concern for most economies in Asia and it
may impair growth in the near term if oil prices climb above $70
a barrel. That will continue to weaken sentiment in equities."
In Southeast Asia, Philippine stocks fell as much as
0.6 percent, dragged down by lenders. Bank of the Philippines
Islands shed as much as 2.8 percent.
The country's trade deficit for March narrowed, preliminary
data showed.
Singapore was steady after earlier falling on
financials. Index heavyweight DBS Group Holdings shed
as much as 1.7 percent, while United Overseas Bank Ltd
fell to a three-week low.
Thai shares inched 0.3 percent lower, with gains in
energy stocks curbed by losses in telecom.
Natural gas suppliers PTT Public edged 0.9 percent
higher, while telecom services provider Advanced Info Services
shed 2.9 percent.
Indonesia rose 0.2 percent, while Vietnam was
flat, with oil and gas refiner Petrovietnam Gas Joint Stock Corp
up as much as 2.3 percent.
Malaysia was closed for general elections.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS: AS AT 0403 GMT
Change on the day
Market Current Previous close Pct Move
Singapore 3543.13 3543.17 0.00
Bangkok 1755.88 1760.25 -0.25
Manila 7554.44 7577.57 -0.31
Jakarta 5786.745 5774.716 0.21
Ho Chi Minh 1060.54 1060.45 0.01
Change on year
Market Current End 2017 Pct Move
Singapore 3543.13 3402.92 4.12
Bangkok 1755.88 1753.71 0.12
Manila 7554.44 8558.42 -11.73
Jakarta 5786.745 6355.654 -8.95
Ho Chi Minh 1060.54 984.24 7.75
(Reporting by Karthika Suresh Namboothiri; Editing by Biju
Dwarakanath)