SE Asia Stocks -Down; weak US consumer spending weighs; banks lead fall

Fri Jun 27, 2014 3:03am EDT

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June 27 (Reuters) - Southeast Asian stock markets fell on
Friday, mostly led by banks, on concerns over a sluggish global
economy after data showed lower-than-expected consumer spending
and weak first-quarter growth in the United States. 
    U.S. consumer spending rose less than expected in May,
prompting economists to downgrade estimates for second-quarter
growth, following weak first-quarter GDP data. 
    Jakarta hit a more-than seven-week low, Thai shares
 retreated by midday after gaining to their highest since
Oct. 21, Singapore fell from a one-week high hit in the
previous session, and Malaysia touched a one-week low. 
    "With the uncertainty on Wall Street overnight and the lack
of fresh positive prospects, we expect the local bourse to also
see some profit-taking ahead of the weekend," Singapore-based
Net Research Asia said in a investor note. 
    Bank Central Asia Tbk PT was down 1.8 percent,
Public Bank Bhd traded 1.4 percent weaker, and Bangkok
Bank PCL was down 0.8 percent, dragging down their
overall stock indices respectively. 
    In Bangkok, analysts said while end-of-quarter window
dressing would continue to drive the market forward, the upside
would be limited for Thai stocks while the market awaited
clarity on an energy reform plan from the National Council for
Peace and Order (NCPO) by the end of the month. 
    "We expect a trading range of 1470-1485 points for the SET
index today. In our view, the best strategy to use at the moment
is still to sell the rallies and buy the pullbacks within the
above trading range," said Bangkok-based Phillip Securities. 
    The energy sector should remain under pressure in the short
term due to concerns on energy price reform, Maybank Kim Eng
Securities said in a note. 
    "The most appropriate solution, in our view, is liberalising
domestic energy prices and subsidies for only certain groups of
people." 
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    For South East Asia Hot Stock reports, click;
   

SOUTHEAST ASIAN STOCK MARKETS
 Change at 0643 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   425.10        426.01       -0.20
 Singapore          3270.44       3278.57       -0.25
 Kuala Lumpur       1882.28       1889.97       -0.41
 Bangkok            1476.46       1477.48       -0.07
 Jakarta            4837.83       4872.42       -0.71
 Manila             6835.62       6892.18       -0.82
 Ho Chi Minh         576.15        576.40       -0.04
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.

 (Reporting by Shihar Aneez in Colombo and Viparat Jantraprap in
Bangkok; Editing by Sunil Nair)
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