SINGAPORE, June 12 — Vietnam shares fell today after eight consecutive sessions of gains, while Thai shares rose for a second straight day on the back of energy and consumer staples stocks.
Broader Asian markets were choppy as the historic US-N. Korea summit started in Singapore amid hopes that it could pave the way to ending a nuclear stand-off on the Korean peninsula.
The fixation with the summit is as much about whether the two sides will strike a deal as it is about what would comprise a deal, Mizuho Bank analysts said in a note.
“It appears that the term 'de-nuclearisation' must be thrown into the mix somewhere, but strictly with wiggle room for both parties... and in return, the United States may offer some conditional reprieve on sanctions with sunset clauses,” Mizuho Bank said.
Vietnam shares fell as much as 3.3 per cent, snapping eight sessions on gains, with Vietnam Technological and Commercial Joint Stock Bank down 4.5 per cent and Vingroup JSC 3.5 per cent lower.
Malaysian shares were down for a third straight session, declining as much as 0.4 percent. Malayan Banking Bhd declined up to 1.3 per cent and was headed for a third straight session of fall.
CIMB Group extended its fall into a third session with a drop of up to 1.8 per cent.
An analyst said there is no immediate catalyst for the local market to see an upward trend as investors are still evaluating the policies of the new government.
Investors are taking profit on whatever strengths they can find, said the analyst, adding that: "If the (US-N.Korea summit) goes well, it could lead to slight optimism in the local market."
Thai shares rose as much as 0.7 per cent as convenience stores operator CP All PCL gained 2.2 per cent, while PTT PCL rose nearly 2 per cent and PTT Exploration and Production PCL added 1.9 per cent as oil prices edged higher.
Indonesian financial markets are closed until June 19 for Eid Al-Fitr, while the Philippines was closed today for Independence Day. — Reuters
