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View Full Version : Most Southeast Asian stocks lower on inflation fear; Vietnam up



BTA
30-06-2008, 01:55 PM
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Most
Southeast Asian markets fell on Friday as oil prices soared to new
highs, fuelling inflation fears and adding to concerns that company
profits are deteriorating.

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But Vietnamese shares bucked the trend to rise for a fifth straight day by 1.6 percent, closing the week 7.3 percent higher.
Globally,
stocks fell to a three-month low Friday after oil prices surged above
US$141 a barrel. Singapore's benchmark index fell 0.8 percent with
property firms coming under strong selling pressure.


Malaysia slid 1.1 percent, Indonesia 0.8 percent and the Philippine index 2.2 percent.


A poll of 15 fund managers by Singapore's OCBC Bank showed fund managers believed the markets are not out of the woods yet.


"Fund
managers were concerned that earnings expectations may be too high and
warned earnings downgrades could weigh on equity markets," the report
noted, adding they expect growth to be sluggish at least for the rest
of the year.


"Beyond
a possible bounce over the next few weeks, the going is likely to
remain rough over the next 3 or 4 months," said Shane Oliver, head of
investment strategy at AMP Capital, in a report.


"Slowing growth, very high oil prices, inflation worries and high bond yields are all short term headwinds for shares."


Thai stocks were up 0.3 percent at 09:30 GMT after the country's prime minister survived a no-confidence motion, as expected.