SE Asia Stocks-Indonesia falls to 3-week low; Thai weak amid political tension
BANGKOK, Nov 1 (Reuters) - Most Southeast Asian stock
markets fell on Friday amid uncertainties over the prospect of a
U.S. stimulus cut, with weak earnings adding selling pressure on
Indonesian shares, while political tensions weighed on Thai
stocks.
Asian shares struggled on Friday, as surveys showing
improvement in Chinese manufacturing activity were eclipsed by
anxiety over when the U.S. Federal Reserve will start to taper
its massive stimulus after upbeat U.S. data.
Stocks in Indonesia and Thailand underperformed the region.
Jakarta's Composite Index (JCI) fell 1.3 percent to
4,450.43, the lowest since Oct. 9, in relatively active volume.
Bank Rakyat Indonesia, the most actively traded, slid
3.2 percent to its lowest in more than three weeks.
Shares in PT Astra International and PT Bumi
Resources slipped into negative territory after both
reported weak results for the nine months ended September.
The benchmark JCI is poised to end the week 2.9 percent
lower, Southeast Asia's worst performer. Foreign investors sold
a net 192,741 million rupiah ($17.1 million) in the week to
Thursday, Thomson Reuters data showed.
Bangkok's SET index was down 1 percent in thin
market, led by losses in Kasikornbank and Siam
Commercial Bank, amid protests against the political
amnesty bill.
It is on track for a weekly loss of 1.8 percent, a second
consecutive week of decline, with net foreign selling of $34
million so far in the week to Thursday.
Brokers said investors should reduce risk holdings in the
near term due to political uncertainty.
"Investors should closely watch for the number of protesters
joining tonight and also this weekend after the House passed the
2nd and 3rd readings of the amnesty bill early this morning,"
strategists at Maybank Kim Eng Securities wrote in a note to
clients.
The Philippine stock market is shut on Friday.
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SOUTHEAST ASIAN STOCK MARKETS
Change at 0826 GMT
Market Current Prev Close Pct Move
TR SE Asia Index* 417.56 421.28 -0.88
Singapore 3198.22 3210.67 -0.38
Kuala Lumpur 1808.90 1806.85 +0.11
Bangkok 1428.38 1442.88 -1.00
Jakarta 4450.43 4510.63 -1.33
Ho Chi Minh 497.08 497.41 -0.07