SE Asia Stocks-Vietnam hits 8-1/2-year high; Philippines up

By Suhail Hassan Bhat

Sept 28 (Reuters) - Vietnam shares hit an

eight-and-a-half-year high on Wednesday, led by commercial

banks, while Philippine stocks rose after three sessions of

falls with financials and industrials leading the gains.

Other Southeast Asian markets were sluggish, tracking

weakness in Asian stocks on concerns over the European banking

sector and as lower crude oil prices hurt investors' risk

appetite.

Oil fell about 3 percent on Tuesday after Saudi Arabia and

Iran dashed hopes of finding a compromise this week to help ease

a global glut, before rising in early trade on Wednesday as

industry data showed a surprise draw in U.S. crude stocks.

Markets are looking forward for next sign, and it is the

third-quarter corporate earnings, said Mikey Macainag, an

analyst with Manila-based Sunsecurities Inc.

"The energy sector is still volatile as the oil oversupply

cut is yet to come."

The Vietnam Stock Index was headed for an eighth

session of gains with Vietnam Joint Stock Commercial Bank for

Industry and Trade rising as much as 2.61 percent,

while steel conglomerate Hoa Phat Group Joint Stock Company

climbed 1.5 percent.

Singapore shares fell, weighed down by financials

such as Oversea-Chinese Banking Corp Ltd which dropped

0.58 percent.

Rig builder Keppel Corp and Sembcorp Industries

declined 0.76 percent and 0.39 percent, respectively.

Philippine shares were higher with BDO Unibank Inc

and International Container Terminal Services Inc

rising 1.45 percent and 0.4 percent, respectively.

Indonesian shares gave up the previous session's

gains, dragged down by financials and telecoms.

Bank Central Asia Tbk PT dropped 2.8 percent,

while Telekomunikasi Indonesia (Persero) was down 0.7

percent.

Thailand shares were headed for a fourth straight

session of declines, while Malaysia was up after two

days of falls.

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SOUTHEAST ASIAN STOCK MARKETS

STOCK MARKETS

Change at 0344

GMT

Market Current Previous Pct Move

Close

Singapore 2853.64 2860.23 -0.23

Bangkok 1487.11 1489.39 -0.15

Manila 7582.83 7557.34 0.34

Jakarta 5394.713 5419.604 -0.46

Kuala Lumpur 1666.17 1664.72 0.09

Ho Chi Minh 687.05 684.89 0.32

Change this

year

Market Current End 2015 Pct Move

Singapore 2853.64 2882.73 -1.01

Bangkok 1487.11 1288.02 15.46

Manila 7582.83 6952.08 9.07

Jakarta 5394.713 4593.008 17.45

Kuala Lumpur 1666.17 1692.51 -1.56

Ho Chi Minh 687.05 579.03 18.66

(Reporting by Suhail Bhat; Editing by Subhranshu Sahu)