SE Asia Stocks-Thailand, Philippines down; others recover

Tue Mar 19, 2013 6:56am EDT

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March 19 (Reuters) - Thailand and Philippine stocks fell on
Tuesday led by banks as uncertainty over a bailout for Cyprus
aimed at preventing a debt default and banking collapse hit
sentiment, but others edged up helped by a decision to give
Cyprus more flexibility.
    Thailand, the region's best performer this year,
fell 1.5 percent to its lowest since March 8, with a 2.7 percent
loss in Siam Commercial Bank PCL dragging the overall
index. Kasikornbank PCL and Bangkok Bank PCL 
also lost more than 1.7 percent each. 
    Thailand saw a net foreign outflow of $32.83 million with a
broad-based selling in overbought small caps such as Italian
Thai Development Pcl, which dropped 8.7 percent after a
combined 32 percent gain over the past seven sessions. 
    Citibank said in research note there would be significant
consequences ranging from bank default to capital flight if
Cyprus' banks did not get the bailout from emergency liquidity
assistance (ELA).
    The Philippines lost 1.7 percent, led by financials,
to a more than six-week low, falling for a seventh straight
session. It has lost 6.4 percent since hitting an all-time high
of 6,867.10 on March 11.
    Euro zone confidence was partially restored by a news on
Monday that the Eurogroup decided to give Cyprus more
flexibility over a bank levy which is part of the bailout
conditions, after a teleconference of euro zone finance
ministers. 
    That helped others to recover from the previous session's
steep falls, with Malaysia and Vietnam gaining
0.3 percent each, while Indonesia and Singapore 
gained 0.4 percent each. 
    
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For South East Asia Hot Stock reports, click;
   

SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   440.80        441.20       -0.09
 Singapore          3269.13       3256.47       +0.39
 Kuala Lumpur       1625.46       1621.36       +0.25
 Bangkok            1568.25       1591.65       -1.47
 Jakarta            4822.63       4802.83       +0.41
 Manila             6426.25       6536.18       -1.68
 Ho Chi Minh         480.48        479.13       +0.28
 
 Change on year
 Market             Current     End prev yr    Pct Move
 TR SE Asia Index*   440.80        424.10       +3.94
 Singapore          3269.13       3167.08       +3.22
 Kuala Lumpur       1625.46       1688.95       -3.76
 Bangkok            1568.25       1391.93      +12.66
 Jakarta            4822.63       4316.69      +11.72
 Manila             6426.25       5812.73      +10.55
 Ho Chi Minh         480.48        413.73      +16.13
 
* The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.
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