By Anusha Ravindranath
Sept 30 Southeast Asian share markets fell on
Friday tracking Asian peers as concerns over the stability of
Germany's largest lender, Deutsche Bank, prompted investors to
pull back from financial stocks.
Negative sentiment spilled over to regional markets with
banking names facing fresh trouble after U.S.-listed shares of
Deutsche Bank hit a record low overnight following a report that
trading clients had withdrawn excess cash and positions held in
the German lender.
"The concern over Deutsche Bank's stability was driving down
Wall Street. I think, that negative sentiment is spilling over
to Asia and other regional markets," said Victor Felix, an
analyst with AB Capital Securities.
"I'm not surprised that Singapore's financial index is
taking losses as it is more of a Western-oriented market."
Asian stocks followed Wall Street lower in early trade with
MSCI's broadest index of Asia-Pacific shares outside Japan
losing 0.5 percent.
Singapore shares were the worst hit with the index
falling over 1 percent. Financials, the biggest constituent of
the index, fell with DBS Group Holdings Ltd and United
Overseas Bank Ltd among the worst performers.
Vietnam markets dropped, ending a nine-day winning
streak, while Indonesia drifted lower after three
sessions of gains.
Philippine stocks snapped two sessions of gains with
financials, the biggest index component, losing ground.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0352 GMT
Market Current Previous Pct Move
Singapore 2859.37 2885.71 -0.91
Bangkok 1487.65 1491.43 -0.25
Manila 7651.44 7714.86 -0.82
Jakarta 5426.88 5431.957 -0.09
Kuala Lumpur 1664.74 1669.64 -0.29
Ho Chi Minh 687.57 688.55 -0.14
Change so far this
Market Current End 2015 Pct Move
Singapore 2859.37 2882.73 -0.81
Bangkok 1487.65 1288.02 15.50
Manila 7651.44 6952.08 10.06
Jakarta 5426.88 4593.008 18.16
Kuala Lumpur 1664.74 1692.51 -1.64
Ho Chi Minh 687.57 579.03 18.75
(Reporting by Anusha Ravindranath in Bengaluru; Editing by