April 26, 2018 / 10:11 AM / 7 months ago

SE Asia Stocks-Indonesia, Vietnam plummet on foreign outflows

    * Indonesia falls to lowest close in more than 6 mths
    * Vietnam falls to lowest close in more than 2 mths
    * Philippines ends higher, recouping earlier losses

    By Sumeet Gaikwad
    April 26 (Reuters) - Indonesian and Vietnam stock markets
plunged on Thursday as rising U.S. treasury yields and a
stronger dollar prompted foreign investors to trim holdings in
emerging market equities.
    Benchmark U.S. Treasury 10-year yield edged above 3 percent
on Wednesday and may likely reach levels last seen in mid-2011.
 
    Indonesian stocks slumped 2.8 percent in their fifth
straight session of losses, bringing their year-to-date losses
to 7 percent. 
    The country's index of 45 most liquid stocks
dropped 3.6 percent in the session.
    Bank Central Asia fell 1.8 percent, while
Telekomunikasi Indonesia (Persero) Tbk Perusahaan Perseroan
 slid 3.4 percent. 
    The rupiah has depreciated nearly 5 percent against
the U.S. dollar since late January as a broad rally in the
greenback triggered capital outflows. The country's central bank
intervened by buying sovereign bonds and selling foreign
currency to arrest the rupiah's fall.
    The Indonesian rupiah yield curve's sharp flattening
suggests a build-up of rate-hike expectations, Standard
Chartered said in a note. The Indonesian central bank has kept
key interest rates unchanged for the past seven months. 
    "It's a tricky situation for the government and the central
bank as they have to contemplate whether to focus on growth or
stability," said Taye Shim, head of research at Mirae Asset
Sekuritas.
    Vietnam stocks plummeted 3.3 percent to their lowest
close in more than two months as financials and utilities
weighed on the benchmark. Petrovietnam Gas Joint Stock Corp
 was the biggest drag on the index, falling as much as 7
percent, its biggest intraday drop in over two years.
     Losses in energy and material stocks pushed Thai shares
 0.4 percent lower.
    Philippine shares reversed earlier losses in the
session to close 0.8 percent higher, buoyed by real estate
stocks. Index heavyweight Ayala Land Inc rose 3
percent, while JG Summit Holdings Inc gained 3.8
percent. 
    
For Asian Companies click;  

SOUTHEAST ASIAN STOCK MARKETS
    
 Change on day                             
 Market          Current   Previous Close  Pct Move
 Singapore       3570.02   3568.01         0.06
 Bangkok         1773.2    1779.52         -0.36
 Manila          7617.42   7557.91         0.79
 Jakarta         5909.198  6079.85         -2.81
 Kuala Lumpur    1852.27   1851.93         0.02
 Ho Chi Minh     1044.86   1080.74         -3.32
                                           
 Change on year                            
 Market          Current   End 2017        Pct Move
 Singapore       3570.02   3402.92         4.91
 Bangkok         1773.2    1753.71         1.11
 Manila          7617.42   8558.42         -11.00
 Jakarta         5909.198  6355.654        -7.02
 Kuala Lumpur    1852.27   1796.81         3.09
 Ho Chi Minh     1044.86   984.24          6.16
 
 (Reporting by Sumeet Gaikwad in Bengaluru; Editing by Amrutha
Gayathri)
  
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