August 24, 2011 / 10:42 AM / 8 years ago

SE Asia Stocks-Pull back, waiting for Bernanke speech

 * Moody's rating cut on Japan dents sentiment
 * Regional big caps, financials tumble
 * Indonesia, Philippines see outflows
 By Viparat Jantraprap	
 BANGKOK, Aug 24 (Reuters) - Southeast Asian stock markets
fell on Wednesday after ratings agency Moody's downgraded Japan,
making investors wary of risky assets and dampening regional
sentiment.	
 Markets failed to sustain early gains that were fuelled by
speculation the Federal Reserve may signal further moves to
support the struggling U.S. economy in Chairman Ben Bernanke's
speech on Friday in Jackson Hole, Wyoming.    	
 Losses in some markets, including Indonesia , were
capped when local buyers stepped in to buy blue chips, brokers
said.	
 "Net foreign selling, it seems, can't intimidate local
buyers. The Japan downgrade is Moody's adjusting to Fitch and
S&P. It would mainly affect Japan rather than other countries,"
said Jemmy Paul, head of research at Waterfront Securities
Indonesia.	
 Indonesia's index ended down 0.9 percent, with
foreign outflows of $57 million, adding to a combined $291
million in the previous three sessions, Thomson Reuters data
showed.	
 Stocks in Singapore dropped 1.6 percent, Southeast
Asia's worst on the day. Losses for Malaysia and Thai
stocks were smaller of around 1 percent each. The
Philippines inched down 0.2 percent.	
 Asian shares fell on Wednesday ahead of Bernanke's speech,
while Japanese shares sold off on Moody's downgrade.	
 Asian stocks excluding Japan as measured by MSCI
 were down 1.16 percent by 0924 GMT.	
 Southeast Asian stocks have lost much of their recent upward
momentum and trade below previous highs, including all-time
highs for Malaysia set in July, Indonesia and the Philippines
early this month, as investors are less optimistic across the
board.	
 Market big-caps led losers. Singapore's top lender DBS Group
 dropped 3.9 percent to the lowest since November, 2009
and Malaysia's CIMB Group Holdings fell 2.4 percent to
the lowest since August, 2010.	
 Indonesia's coal miner Adaro Energy plunged 5.7
percent and Philippine Long Distance Telephone (PLDT) ,
fell 3.3 percent, reversing a 3.9 percent surge on Tuesday when
foreign investors bought stocks for its dividends.
 	
 Thai banks fell, with the biggest Bangkok Bank 
sliding 2.3 percent, amid expectations that rising interest
rates would take a pause later this year.	
 The Bank of Thailand raised its policy rate a quarter of a
point to 3.50 percent on Wednesday, a move widely expected by
economists. It also said the policy rate was getting nearer to
normal levels    	
(Additional reporting by Andjarsari Paramaditha in Jakarta;
Editing by Jason Szep)	
 	
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SOUTHEAST ASIAN STOCK MARKETS	
 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          2719.90       2765.15       -1.64
 Kuala Lumpur       1469.15       1482.37       -0.89
 Bangkok            1046.43       1057.28       -1.03
 Jakarta            3847.02       3880.46       -0.86
 Manila             4366.45       4375.39       -0.20
 Hanoi               396.68        401.28       -1.15
	
 Change on year
 Market             Current     End prev yr    Pct Move
 Singapore          2719.90       3190.04      -14.74
 Kuala Lumpur       1469.15       1518.91       -3.28
 Bangkok            1046.43       1032.76       +1.32
 Jakarta            3847.02       3703.51       +3.87
 Manila             4366.45       4201.14       +3.93
 Hanoi               396.68        484.66      -18.15
	
 Stock Market Volume (shares)
 Market          Current Volume    Average Volume 30 days
 Singapore         488,853,000          432,768,047       
 Kuala Lumpur      188,951,700          159,002,103        
 
 Bangkok             4,625,665            5,173,462       
 Jakarta         3,905,302,000        5,697,887,217    
 Manila                722,529              646,957    
 Hanoi                  27,501               27,329
	
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