September 1, 2015 / 7:37 AM / 2 years ago

SE Asia Stocks-Mostly down; sluggish China PMI dents sentiment

Sept 1 (Reuters) - Most Southeast Asian stock markets
slipped on Tuesday, led by Indonesia after surveys showed
China's manufacturing sector was in the grip of its worst slump
in several years, raising fresh fears about the health of the
country's economy.
    Speculation over a possible rate hike by the U.S. Federal
Reserve also weighed on sentiment after comments by Fed Vice
Chairman Stanley Fischer heightened fears of a potential
interest rate hike this month. 
    The Jakarta Composite Index (JCI) fell from Monday's
near-two-week closing high and was trading down 1.5 percent by
0711 GMT, with financials leading the decline. 
    Muhammad Wafi, an analyst with Jakarta-based Bahana
Securities, said the JCI was also influenced by
higher-than-expected core inflation, leading to a drop in
finance and consumer-related stocks. 
    "Uncertainties remain, causing continued market overhang for
investors while the slower-than-expected manufacturing data in
China provides a negative sentiment for JCI's commodity-related
sectors," Wafi said. 
    An official survey on Tuesday showed activity in China's
manufacturing sector contracted at its fastest pace in three
years in August, reinforcing fears of a sharper slowdown in the
world's second-largest economy despite a flurry of government
support measures. 
    "Interest rate hike concerns are again at the forefront,
after news over the weekend that a possible hike this month is
still not ruled out," Singapore-based Net Research Asia said in
a note to investors.
    "September has traditionally been a weak month for equities
as well, which makes investors that much more nervous, though
some may say it cannot be any worse than the August just past."
    Shares in Thailand, the Philippines and
Vietnam were down, while Malaysia bucked the
trend, with a marginal 0.1 percent gain.      
For Asian Companies click;  

 Change at 0708 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          2916.02       2921.44       -0.19
 Kuala Lumpur       1613.68       1612.74       +0.06
 Bangkok            1375.98       1382.41       -0.47
 Jakarta            4441.38       4509.61       -1.41
 Manila             7079.92       7098.81       -0.27
 Ho Chi Minh         562.88        564.75       -0.33
 (Reporting by Shihar Aneez; Editing by Sunil Nair)
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