* Singapore leads losses
* Philippines bucks trend, set for best day since April 17
* Vietnam pressured by energy stocks
By Nikhil Subba
April 28 (Reuters) - Most Southeast Asian markets gave up
early gains to trade lower on Tuesday, as fears of a slow
economic recovery from the coronavirus pandemic and a tumble in
oil prices weighed on sentiment.
Oil prices extended the previous session's slide on Tuesday,
on worries about limited storage capacity for crude worldwide
and expectations that demand for fuel may only recover slowly.
O/R
"The crude oil market is still in a state of abyss. The mood
remains highly bearish and uncertain, with no clear indication
on when demand may return," analysts at OCBC said in a note.
Energy stocks dragged down Vietnam's benchmark index .VNI
as much as 0.7%. Petrovietnam Gas Joint Stock Group GAS.HM and
Vietnam National Petroleum Group PLX.HM fell about 3% each.
Leading losses in the region, Singapore's Straits Times
index .STI fell as much as 0.7%.
Conglomerate Jardine Matheson Holdings JARD.SI slipped as
much as 1.5% to hit a five-week, while Yangzijiang Shipbuilding
YAZG.SI tumbled 3.5%.
Markets were optimistic earlier in the session as several
parts of the United States and various other hard-hit economies,
such as Italy, were set to open in efforts to revive their
economies.
The Philippine benchmark .PSI , rose as much as 1.9%, on
track for its best day since April 17, lifted by consumer
stocks.
Conglomerate SM Investments Corp SM.PS gained more than 4%
and was set to post its best day since April 17, while food and
beverage company Universal Robina URC.PS advanced as much as
3.7%.
Another bright spot was Indonesian stocks .JKSE , up 0.4%,
which was helped by gains in industrial companies.
Sea transportation services provider Transcoal Pacific
TCPI.JK rose as much as 1.6%, while toll road service provider
Jasa marga (Persero) JSMR.JK jumped 3.9%.
Thailand .SETI and Malaysia .KLSE fell marginally.
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SOUTHEAST ASIAN STOCK MARKETS AS AT 0347 GMT
Change on the day
Market Current Previous Pct Move
close
Singapore 2543.56 2549.4 -0.23
Bangkok 1267.29 1267.41 -0.01
Manila 5538.41 5450.45 1.61
Jakarta 4516.154 4513.141 0.07
Kuala Lumpur 1368.25 1370.16 -0.14
Ho Chi Minh 765.7 770.77 -0.66
Change so far in
2020
Market Current End 2019 Pct Move
Singapore 2543.56 3222.83 -21.08
Bangkok 1267.29 1579.84 -19.78
Manila 5538.41 7,815.26 -29.13
Jakarta 4516.154 6,299.54 -28.31
Kuala Lumpur 1368.25 1588.76 -13.88
Ho Chi Minh 765.7 960.99 -20.32