SE Asia stocks subdued after OPEC disappointment

    • SE Asia stocks subdued after OPEC disappointment

      Southeast Asian stock markets were subdued on Friday after an agreement by OPEC and allied partners to extend existing supply curbs disappointed investors betting on larger cuts, prompting a move away from riskier assets.

      The Organization of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut production to March 2018 but investors had expected a longer and/or deeper supply cut.

      Crude oil plunged 5% following the announcement on Thursday, and held its losses early on Friday.

      In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.2% after closing at a two-year high on Thursday.

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