SE Asia Stocks -Most down; Jakarta falls from 13-mnth high on uncertainty

Fri Jul 11, 2014 3:25am EDT

July 11 (Reuters) - Indonesia's benchmark index fell on
Friday from a 13-month closing high hit in the previous session
as uncertainty over the outcome of the presidential election
held earlier this week prompted investors to sell risky assets.
    The Jakarta Composite Index was down 1.7 percent by
midday with financial firms leading the losses as Bank Rakyat
Indonesia Persero Tbk PT fell 3.2 percent and Bank
Mandiri dropped 1.43 percent.
    Both presidential candidates, Joko "Jokowi" Widodo and his
rival, former general Prabowo Subianto, claimed victory in
Wednesday's election, the closest ever in the world's third
biggest democracy and biggest Muslim nation with a history of
deadly political violence. 
    The Election Commission will announce the official result
around July 22.
    "Now the uncertainty of Jokowi's win has created uncertainty
and this will prevail until July 22," said John Teja, director
of Jakarta-based broker Ciptadana Securities.
    "Foreign investors are buying and local retail and
institutional investors are selling. I think the uncertainty may
continue even after the president is elected until he appoints
the cabinet."
    Outperforming the Jakarta market, shares of Indonesian 
property developer PT Sitara Propertindo Tbk jumped
more than 50 percent in their trading debut on Friday.
 
    Most other markets traded weaker with the Philippines stock
index down 0.7 percent, Malaysia 0.4 percent
weaker, and Vietnam down 0.5 percent, in line with the
regional markets.
    In Kuala Lumpur, shares of CIMB Group Holdings Bhd 
fell more than 3 percent after the company announced plans to
acquire two smaller lenders to create the country's largest
bank. 
    Most Asian share markets slipped on Friday and safe haven
assets stayed in demand as investors waited to see how European
stocks responded to the latest outbreak of banking jitters in
the region. 
    Bucking the trend Singapore was 0.5 percent up by
0648 GMT. The Thai stock market was closed for a
holiday. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0733 GMT 
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   437.73        439.69       -0.45
 Singapore          3284.08       3269.50       +0.48
 Kuala Lumpur       1885.74       1892.62       -0.36
 Jakarta            5013.45       5098.01       -1.66
 Manila             6890.64       6937.21       -0.67
 Ho Chi Minh         582.05        584.88       -0.48
 
* 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; Editing by Anupama
Dwivedi)
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