SE Asia Stocks-Indonesia tumbles amid Fed stimulus concerns
BANGKOK, Aug 16 (Reuters) - Indonesian stocks suffered the worst drop in almost six weeks on Friday, and ended with losses for the third straight week, while other Southeast Asian stocks retreated amid expectations that the U.S. Federal Reserve would scale back its stimulus programme. Late sell-offs in large caps sent Jakarta's Composite Index 2.5 percent lower on the day, down 1.6 percent on the week, with selling most active in Bank Rakyat Indonesia Persero and Telekomunikasi Indonesia. A fall in the Indonesian rupiah to a four-year low, plus weak second quarter GDP growth of 5.8 percent released earlier in the month, sparked concerns among investors about a high interest rate outlook and further dented the local stock market. "Putting all of this together, given the concerns over the high level of inflation and the weakness of the rupiah, further rate hikes are likely before the end of the year," said Gareth Leather, an economist at London-based Capital Economics. The prospect of tighter global liquidity derailed the rally in the region's outperformers this year, with the Philippine index down 0.8 percent on the day, trimming its gain on the week to 1.9 percent. Vietnam pared earlier gains to end a tad lower at 0.08 percent. It was still up 1.4 percent on the week, with a year-to-date gain of 22.7 percent, Asia's fourth-best performing bourse. For Asian Companies click; 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* 422.28 428.13 -0.84 Singapore 3197.53 3248.66 -0.73 Kuala Lumpur 1788.24 1793.73 -0.22 Bangkok 1445.76 1460.63 -0.50 Jakarta 4568.65 4699.73 -2.49 Manila 6525.95 6656.61 -0.83 Ho Chi Minh 507.79 503.57 -0.08 Change on year Market Current End prev yr Pct Move TR SE Asia Index* 422.28 424.10 -0.43 Singapore 3197.53 3167.08 +0.96 Kuala Lumpur 1788.24 1688.95 +5.88 Bangkok 1445.76 1391.93 +3.87 Jakarta 4568.65 4316.69 +5.84 Manila 6525.95 5812.73 +12.27 Ho Chi Minh 507.79 413.73 +22.73 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Stock Market Volume (shares) Market Current Volume Average Volume 30 days Singapore 214,066,400 272,313,503 Kuala Lumpur 98,314,500 140,023,873 Bangkok 8,149,491 9,265,432 Jakarta 3,289,657,500 2,987,989,000 Manila 61,855 78,323 Ho Chi Minh 60,576 40,086
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