SE Asia Stocks-Down on global growth fears; Singapore at 13-month low

Mon Aug 8, 2011 6:40am EDT

 * Indonesia recovers a little after 5 pct loss; sees $145
mln outflows
 * Manila sees $38.4 mln foreign inflows despite the gloom
 * Jakarta, Singapore, Malaysia see heavy volume
 By Shihar Aneez	
 COLOMBO, Aug 8 (Reuters) - Southeast Asian stock markets
fell on Monday in active trade, led by Singapore, on concern
about the global economic outlook after Standard & Poor's
downgraded the credit rating of the United States. 	
 Singapore ended 3.7 percent weaker at a 13-month
closing low, recovering only a little from a 4.9 percent fall at
one stage, while Indonesia closed 1.8 percent lower
after tumbling as much as 5.2 percent. 	
 Malaysia ended 1.8 percent down and Thailand 
fell 1.4 percent.	
 "Investors are not sure what this downgrade really means to
the United States and the global economy," said Song Seng Wun, a
Singapore-based regional economist at CIMB-GK Research. 	
 "Investors have gone defensive and may stay only in limited,
very liquid large caps that could give them some degree of
comfort, so that they can flee any time. Today we see selling
across the board rather than being selective." 	
 Trading volumes in Singapore and Malaysia were more than
double their 30-day average, and Jakarta saw a 1.65 times its
average.	
 Analysts said commodity companies could be worst hit due to
fears of a global recession. 	
 "Commodities tend to feel the heat most while financials,
telcos, REITs and consumer staples are some sectors that should
hold up better," CIMB Thailand said in a market note. 	
 "We expect Telkom Malaysia , Maybank , DBS
 , Ascendas Reit , Gudang Garam , DTAC
(Total Access Communications) , Thai Union Frozen
 and AOT (Airports of Thailand) to weather
these near-term volatile market conditions better." 	
 Thailand's top oil firm, PTT , and affiliate PTT
Chemical fell 2.4 percent and 1.6 percent respectively
while Indonesia's top miner, Bumi Resources, slumped 5.1
percent. 	
 Despite the gloom and risk aversion, the Philippines saw a
net foreign inflow of $38.4 million, but offshore investors
offloaded $144.8 million of shares in Indonesia and Thailand saw
an outflow of about $178 million, according to bourse data.	
 "This is the time to turn to fundamental valuations ...
There are a handful of undervalued blue chip stocks that are
promising for a higher gain in the future," Said Yasmin Soulisa,
an analyst at Jakarta-based Analyst Bapindo Bumi Sekuritas.	
 The Singapore market fell in strong volume ahead of a
national holiday on Tuesday, with many investors preferring to
cut risky positions since they would be unable to do so on
Tuesday if the global jitters got worse.	
 Singapore-based Najeeb Jarhom, head of research at AmFraser
Securities, said in a note that support on the main Singapore
index had failed to hold at 2,920 and the next support level was
at 2,875. The index closed at 2,884 on Monday. 	
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SOUTHEAST ASIAN STOCK MARKETS	
 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          2884.00       2994.78       -3.70
 Kuala Lumpur       1496.99       1524.43       -1.80
 Bangkok            1078.19       1093.38       -1.39
 Jakarta            3850.27       3921.64       -1.82
 Manila             4331.24       4437.55       -2.40
 Hanoi               396.41        400.88       -1.12
	
 Change on year
 Market             Current     End prev yr    Pct Move
 Singapore          2884.00       3190.04       -9.59
 Kuala Lumpur       1496.99       1518.91       -1.44
 Bangkok            1078.19       1032.76       +4.40
 Jakarta            3850.27       3703.51       +3.96
 Manila             4331.24       4201.14       +3.10
 Hanoi               396.41        484.66      -18.21
	
 Stock Market Volume (shares)
 Market          Current Volume    Average Volume 30 days
 Singapore         774,986,400          322,971,733       
 
 Kuala Lumpur      313,998,900          132,920,543       
 
 Bangkok             4,969,050            5,195,081       
 
 Jakarta         7,901,740,500        4,775,810,383    
 Manila                512,946              537,055    
 Hanoi                  24,718               26,106
 	
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 Australia/NZ.          India.......  China..... 
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 (Additional reporting by Viparat Jantraprap in Bangkok and
Andjarsari Paramaditha in Jakarta; Editing by Alan Raybould)	
 
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