ASIA MARKETS

Asia-Pacific Stocks Slip as Investors Watch Omicron Covid Variant;

Oil Prices Rebound More Than 4%

KEY POINTS
 Shares in Asia-Pacific fell in Monday trade as investors in the
region continue to watch for developments surrounding the recently
discovered omicron Covid variant.
 Global markets tumbled late last week as the World Health
Organization labeled the omicron Covid strain a “variant of
concern.”
 Oil prices were higher in the morning of Asia trading hours,
recovering partially after Friday’s big drop.

(1) SINGAPORE—Shares in Asia-Pacific largely fell in Monday trade

as investors continue to monitor developments surrounding the recently
discovered omicron Covid variant.

(2) Hong Kong’s Hang Seng index slipped about 0.3%. Hong Kong-

listed shares of Chinese tech giant Meituan lost more than 7% after the
firm on Friday posted a loss of about 10 billion Chinese yuan ($1.56
billion) for the three months ended Sept. 30.

(3) Shares of Sun Entertainment Group in Hong Kong sank more than
40% after the South China Morning Post reported that controlling
shareholder Alvin Chau Cheok-wa was among a group arrested over
alleged gambling offences. Shares of Suncity Group, where Chau is
CEO, were suspended on Monday “pending the release of an
announcement in relation to news coverage” about Chau.
(4) Mainland Chinese stocks were mixed, also paring some losses, with
the Shanghai composite down around 0.4% and the Shenzhen
component nudging 0.137% higher.

(5) Japanese markets fell in early trade but have since pared some of
those losses. The Nikkei 225 declined about 1% earlier but was last
trading around 0.2% lower. The Topix index also saw a partial recovery,
last dipping 0.59% lower after falling more than 1% earlier. South
Korea’s Kospi shed 0.39%.

(6) Shares in Australia also slipped as the S&P/ASX 200 fell 0.17%.

MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.1%
lower. Elsewhere, U.S. stock futures moved higher following Friday’s
big sell-off, as investors stateside also watched for the latest
developments related to the omicron variant.

(7) Global markets tumbled late last week as the World Health
Organization (WHO) labeled the omicron Covid strain a “variant of
concern.”’ In Asia, the Nikkei 225 in Japan and Hang Seng index in
Hong Kong both fell more than 2% on Friday.

(8) “Things definitely will be a little bit more dicey going forward,” John
Vail, chief global strategist at Nikko Asset Management, told CNBC’s
“Squawk Box Asia” on Monday. “This variant, as it seems, might not be
as horrible as the market thought it might be on Friday, but still it’s got to
shake out some of the excess risk taking and perhaps some of the excess
consumption out there in the world too as people grow a bit more
cautious,” Vail said.

(9) The WHO said in a Sunday statement that it was still unclear whether
infection with the omicron Covid variant causes more severe disease as
compared with other strains, including delta.
SOUTHEAST ASIA/ASIA TIMES (1)
Make or Break for ASEAN to Matter in Myanmar
Cambodia's chairmanship of regional bloc is not expected to bring a
breakthrough in Myanmar's intensifying morass

The Myanmar national flag (center) is seen

with flags of member countries attending the 35th Association of
Southeast Asian Nations (ASEAN) Summit in Bangkok in November
2019. Myanmar's junta chief was excluded from an ASEAN summit in
October 2021, a rare rebuke as concerns rise over the military
government's commitment to defusing a bloody crisis. Photo: AFP

(1) SINGAPORE – After being excluded from last month’s Association

of Southeast Asian Nations (ASEAN) summit in an unprecedented
rebuke of Myanmar’s recalcitrant military regime, junta chief Min Aung
Hlaing was similarly conspicuously absent from two virtual ASEAN
meetings with the European Union (EU) and China this week.

(2) In what analysts viewed as the most severe sanction against any
ASEAN member has ever been dealt by the regional bloc, ASEAN
leaders barred the commander-in-chief, increasingly regarded as an
international pariah, from attending an October 26-28 summit and called
for a “non-political” Myanmar figure to participate instead. The junta
refused.

(3) Frustrated by Naypyidaw’s failure to honor pledges to allow an

ASEAN special envoy access to deposed civilian leader Aung San Suu
Kyi and other elected lawmakers overthrown in February’s coup, the
decision to bar the junta chief was seen as a last-ditch effort to salvage
credibility lost to the months-long impasse.
(4) Now, with Cambodian Prime Minister Hun Sen taking the reins
of ASEAN’s annually rotating chairmanship in 2022, debate is swirling
over whether Phnom Penh has the mettle to display leadership by dealing
sternly with Myanmar or instead defer to China, its closest political ally
and economic benefactor, in its handling of the crisis.
(5) Beijing reportedly lobbied Southeast Asian nations to allow Min
Aung Hlaing to attend the recent ASEAN-China summit, which was
hosted by Chinese President Xi Jinping on November 22. Citing
diplomatic sources, Reuters reported that the junta leader’s participation
was adamantly opposed by Indonesia, Brunei, Malaysia and Singapore.
(6) China then opted to accept ASEAN’s position that Myanmar be
represented by a non-political figure and suggested that Myo Thant Pe,
Myanmar’s ambassador to Beijing, join the meeting, to which the bloc
agreed. But according to Malaysian Foreign Minister Saifuddin
Abdullah, Myanmar’s envoy pulled out of the meeting at the eleventh
hour.
(7) Saifuddin told reporters that that ASEAN had “wanted to maintain the
position of Myanmar in the grouping” and was at a loss to explain why
no representation was ultimately made by the military junta. Analysts
saw the fact that Beijing pushed for the ruling general’s inclusion as
significant, with the move also setting off alarm bells among rights-
minded observers.
(8) “China’s apparent attempt to prevail on the nations of Southeast Asia
to legitimize a junta accused of atrocities, including genocide, presents a
significant challenge and opportunity to ASEAN,” said Charles Santiago,
a Malaysian lawmaker and chairperson of advocacy group ASEAN
Parliamentarians for Human Rights (APHR).
(9) In a statement, Santiago called on ASEAN to stand firm on its
decision to exclude junta representatives from regional meetings and
instead initiate open dialogue with the National Unity Government
(NUG), a parallel civilian administration formed in April by deposed
elected lawmakers, ethnic minority organizations and opponents of the
coup.  
(10) The APHR chair said the Asia-Europe Meeting (ASEM) on
November 25-26 provided the “perfect opportunity” for the NUG’s
representatives to be included. A non-political representative from
Myanmar was once again a no-show at the ASEM virtual summit, which
Cambodia hosted. Representatives of the NUG were also not present.
……………Vocabulary &Phrases……………
-pare (v) reduce, diminish, decrease, cut, cut back/down, make cutbacks
in កាត់បន្ថយ/ថយចុះ
-dicey (adj) risky, uncertain, unpredictable, touch-and-go, precarious,
unsafe ដែលមានហានិភយ ័ /ដែលមនិ អាចព្យាករណ៍បាន
-shake out (v) prove to be in the end, turn out wait to see s.th shake out 
រង់ចាតា
ំ មដានមើលការផ្លា ស់បូ ្តរ ឬការបទ
ិ បញ្ច ប់
-morass (n) a complicated or confused situation, confusion, chaos,
muddle ស្ថា នភាពស្មុកស្មា ញ ឬភាពច្របូកច្របល់
-rebuke (v) reprimand, reproach, scold, admonish, reprove, remonstrate
with ស្តីបន្ទោ ស/ប្រមាថ ឬម៉ា ក់ងាយ
-defuse (v) reduce, lessen, diminish, lighten, relieve, ease, alleviate
បន្ធូរបន្ថយ/ធ្វើឱ្យធូរស្រាល
-recalcitrant (adj) uncooperative, obstinately disobedient, intractable,
unmanageable ដែលចចេសរងក្បាល
ឹ ឬដែលមន ិ សហការ
-conspicuous (adj) easily seen, clear, visible, clearly visible, standing out,
noticeable ដែលច្បាស់ក្រលែត
-pariah (n) outcast, persona non grata, leper, reject, untouchable,
undesirable មនុស្សដែលសង្គមលែងទទួលស្គា ល់/មនុស្សក្រៅសង្គមដែលគេលែងរាប់អាន
-frustrated (adj) feeling or expressing distress, annoyance or irritation
ដែលបង្ហា ញអារម្មណ៍មួម៉ៅ ឬក្តៅ ក្រហាយ
-depose (v) overthrow, overturn, topple, bring down, remove from office
ផ្តួលរលំ ឬទំលាក់ពអ
ី ំណាច
-last-ditch (adj) last-minute, last-chance, eleventh-hour, last-resort,
desperate, frantic ជាចុងក្រោយ ឬផ្តា ច់ព្រត
័
-salvage (v) rescue, save, recover, retrieve, raise, reclaim, get back សង្គ្រោ ះ
-impasse (n) deadlock, dead end, stalemate, checkmate, stand-off,
standstill ភាព ឬការជាប់គាង
ំ
-to take reins (v) to take control, to hold, assume responsibility, come to
power កាន់តំណែង
-swirl over (v) to move quickly with a twisting, circular movement ធ្វើសរា
ចារណ៍យ៉ា ងវក់វ ី
-mettle (n) a person's ability to cope well with difficulties; spirit and
resilience សេចក្តក្លៀ
ី វក្លា /ភាពឆ្លា តវៃ
-stern (adj) strict, severe, stringent, harsh, drastic, hard, tough, fierce
ដែលតង
ឹ រង
ឹ ឬធ្ងនធ
់ ្ងរ
-adamant (adj) dogged, obstinate, unshakeable, immovable, inflexible,
unwavering, uncompromising ដែលចចេសរងក្បាល ឹ
-opt (v) choose, select, pick, pick out, decide on, go for, settle on ជ្រើសរើស
-at a loss (n) baffled, puzzled or uncertain what to think, say, or do, not
to know what to do or say ដែលសុ ញគំនត ិ /មន
ិ ដង
ឹ ត្រូវគត
ិ ឬនយា
ិ យដូចម្តេច
-rights-minded (adj) having correct, honest, or good opinions or
principles ដែលមានគំនត ិ ដូចគ្នា
-legitimize (v) make legitimate, validate, legitimate, permit, warrant,
authorize, license ធ្វើឱ្យស្របតាមច្បាប់
…………………………………