Southeast Asian stock markets--Biodun Iginla, BBC News Financial and News Analyst --in transit to Paris, France

By Viparat Jantraprap for Biodun Iginla, BBC News and Financial Analyst--in transit to Paris, France

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BANGKOK, Nov 17 (Reuters) - Most Southeast Asian stock markets drifted lower on Monday as fears of a global economic recession and a gloomy export outlook pushed financials and blue chips lower.

Market sentiment weakened after data showing a recession in Japan and Hong Kong, while fund outflows from the region looked set to continue, analysts said.

"Foreign buying in the region is drying up. Any market rise is more to do with a technical rebound," Finansa Securities head of research Warut Siwasariyanon said.

Shares in Singapore and Indonesia fell amid growing expectations of further weakness in Indonesia's rupiah and the Singapore dollar. for details

Singapore's benchmark Straits Times Index ended down 0.54 percent, with financial firm DBS Group sliding 2.3 percent and Singapore Exchange 2.35 percent lower.

But shares in Singapore Telecommunications gained as much as 5 percent after Goldman Sachs upgraded its rating on the stock to "neutral" from "sell".

Singapore's exports fell sharply in October, the latest evidence the global economic crisis is eating into consumer demand, with economists forecasting the country will stay in recession in the fourth quarter.

Indonesia's main stock index dropped 2.17 percent to its lowest since Oct. 31, despite marginally better-than-expected third quarter GDP data.

Among decliners were Bank Central Asia, which fell 6.03 percent, and coal miner PT Bumi Resources, which was off 9.5 percent despite a share buyback plan.

Thai shares bucked the market trend, with the main Thai index up nearly 1 percent as local buying pushed shares in big cap energy stocks up. Coal miner Banpu added 2.7 percent and PTT was 2.4 percent higher.

PTT, Thailand's largest energy firm, reported a 27 percent fall in quarterly profit late on Friday, in line with analysts' forecasts, mainly due to losses from its refinery businesses.

In Kuala Lumpur, the main index edged up 0.27 percent, with top lender Maybank rising 1.92 percent after earlier falling about 1 percent, while Bumiputra-Commerce Holdings was unchanged, recouping early losses.

In the Philippines, the International Monetary Fund (IMF) cut its 2008 growth forecast for the country to 4.4 percent from 5.2 percent and said a prolonged slowdown would warrant an easing in monetary policy in the coming months.

First Gen Corp, the Philippines' biggest privately owned power producer, lost 3.57 percent. It reported after the market close a fall in third quarter net profit of 64 percent.

In Hanoi, Vietnam's main stock index dropped nearly 2 percent despite news the government would exempt companies listed on the bourse in 2004-2006 from income tax.

Decliners included index heavyweight Petrovietnam Fertilizer and Chemicals Company, which lost 2.6 percent, and Pha Lai Thermal Power, which dropped 4.6 percent. (Editing by Alan Raybould)
FACTORS TO WATCH HwangDBS cuts Malaysia's Green Packet target Indonesia's Bakrie: Northstar deal may be adjusted Indonesia's Q3 GDP growth at 6.1 percent Indonesia's Bumi to raise $600 mln by issuing notes For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on the day Market Current Prev Close Pct Move Singapore 1749.67 1759.14 -0.54 Kuala Lumpur 884.06 881.65 +0.27 Bangkok 434.21 429.97 +0.99 Jakarta 1236.93 1264.37 -2.17 Manila 1940.00 1978.05 -1.92 Ho Chi Minh 345.05 352.07 -1.99 Change on year Market Current End prev yr Pct Move Singapore 1749.67 3465.63 -49.51 Kuala Lumpur 884.06 1445.03 -38.82 Bangkok 434.21 858.10 -49.40 Jakarta 1236.93 2745.83 -54.95 Manila 1940.00 3621.60 -46.43 Ho Chi Minh 345.05 927.02 -62.78 Stock Market Volume (shares) Market Current Volume Average Volume 90 days Singapore 194,739,900 302,445,021 Kuala Lumpur 261,894,500 236,066,580 Bangkok 2,552,514 3,251,978 Jakarta 1,225,990,500 2,021,269,178 Ho Chi Minh 10,763 18,799 ASIA-PACIFIC STOCK MARKETS: Pan-Asia........ Japan....... S.Korea... S.E. Asia....... Hong Kong... Taiwan.... Australia/NZ.... India....... China..... OTHER MARKETS: Wall Street.... Gold ....... Currency.. Eurostocks..... Oil ........ JP bonds... ADR Report ..... LME metals. US bonds.. Stocks News US.. Stocks News Europe DIARIES & DATA: IPO diary & data Asia earnings diary U.S. earnings diary European diary Singapore diary Wall Street Week Ahead Eurostocks Week Ahead TOP NEWS: For top Asian company news, double click on: U.S. company news European company news Forex news Global Economy news Banking news Tech,Media,Telecoms Politics/General news Asia Macro data A multimedia version of Reuters Top News is available at: http://topnews.session.rservices.com LIVE PRICES & DATA: World Stocks Currency rates Dow Jones/NASDAQ Nikkei FTSE 100 Debt (Local currency) LME price overview Keywords: MARKETS SOUTHEASTASIA STOCKS

(viparat.jantraprapaweth@thomsonreuters.com; +66 2 648 9733; Reuters Messaging: viparat.jantraprapaweth.thomsonreuters.com@reuters.net)

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