SE Asia Stocks-Muted as oil outlook bleak; S'pore, Philippines log 2nd losing week

By Nicole Pinto

June 23 (Reuters) - Southeast Asian stock markets were subdued on Friday as

oil remained on course for its worst first-half decline in almost two decades,

with Singapore and the Philippines edging down in the session, posting their

second straight week of losses.

Oil prices edged up on Friday, but remained on course for their worst

first-half decline in almost two decades as production cuts have failed to

sufficiently reduce oversupply.

Oil has plunged about 20 percent this year, despite the OPEC's efforts to

cut production, which investors believe has failed to rein in the global glut.

"There are expectations that oil prices will continue to retreat in the near

term," said Manny Cruz, an analyst with Manila-based Asiasec Equities Inc.

Singapore shares ended 0.2 percent lower, paring some of their

earlier losses after data showed Singapore's industrial production grew for the

10th consecutive month in May from a year earlier, helped by strong electronics

output. On the week, Singapore lost 0.7 percent.

The city-state's core inflation gauge in May rose 1.6 percent from a year

earlier, matching the median forecast in a Reuters poll.

Global Logistic Properties lost 5.3 percent, while Oversea-Chinese

Banking Corp gained 0.7 percent.

Philippine shares lost 0.6 percent and ended the week down nearly 1

percent, with heavyweight SM Prime Holdings falling 2.5 percent.

The Philippine government posted a budget deficit of 33.4 billion pesos

($664 million) in May, wider than the 17.7 billion pesos deficit a year

earlier.

Malaysian shares edged up 0.1 percent in the session, with Genting

Malaysia advancing 4.9 percent, but the market fell 0.7 percent over

the week, ending a four-week winning run.

Indonesia's financial markets were closed on Friday and will remain shut

throughout next week on account of public holidays.

Singapore, Malaysia and Philippines will also be closed on Monday.

For Asian Companies click;

SOUTHEAST ASIAN STOCK MARKETS:

Change on the

day

Market Current Previous Pct Move

Close

Singapore 3209.18 3215.55 -0.20

Bangkok 1582.78 1580.91 0.09

Manila 7814.17 7858.34 -0.56

Kuala Lumpur 1779.45 1777.43 0.11

Ho Chi Minh 769.01 766.3 0.35

Change so far

this year

Market Current End 2016 Pct Move

Singapore 3209.18 2880.76 11.40

Bangkok 1582.78 1542.94 2.55

Manila 7814.17 6840.64 14.2

Kuala Lumpur 1779.45 1641.73 8.39

Ho Chi Minh 769.01 664.87 15.7

(Reporting by Nicole Pinto; Editing by Amrutha Gayathri)