SE Asia Stocks-Mostly lower after Wall St's retreat

Wed Oct 21, 2009 6:46am EDT
 
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 * Weak U.S. data stirs doubts on strength of recovery
 * Singapore, Thailand, Indonesia markets extend falls
 * Malaysia ends down, snapping three-day wining streak
 By Arada Kultawanich
 BANGKOK, Oct 21 (Reuters) - Southeast Asian stocks took a
hit on Wednesday after declines on Wall Street, led by losses
in blue-chips such as Singapore banking heavyweight DBS Group
(DBSM.SI) and Indonesia's Bumi Resources (BUMI.JK).
 Singapore's benchmark stock index .FTSTI dropped 0.7
percent, Thailand .SETI eased 1.3 percent and Indonesia
.JKSE dropped about one percent, extending Tuesday's falls,
to a one-week closing low.
 Malaysia .KLSE reversed course from a 16-month high hit
in early trade to close down 0.45 percent, snapping a three-day
rising steak, while the Philippines .PSI pulled back from a
near two-week high earlier in the day, falling 0.86 percent.
 But Vietnam .VNI ended at its highest level since March
2008, gaining 0.31 percent.
 Analysts said declines in crude oil made trading cautious.
 "We should see the market correct further over the next few
days because there are no fresh factors," said Kosin
Sripaiboon, head of research at UOB KayHian Securities in
Bangkok.
 Investors focused on surprisingly weak U.S. data with
construction of new U.S. homes rising less-than-expected in
September and U.S. producer prices posting an unexpected
decline, both pointing to an anemic recovery. [ID:nN20424995]
 The MSCI index of Asia Pacific shares outside Japan
.MIAPJ0000PUS had shed 0.68 percent by 0924 GMT.
 Southeast Asia's biggest lender, DBS, lost 1.65 percent,
and Singapore Telecommunication (STEL.SI) dropped 1.27 percent,
putting a squeeze on Singapore's market.
 But CapitaCommercial Trust (CACT.SI), managed by CapitaLand
(CATL.SI), rose 1.90 percent before ending unchanged, after the
company said its distributable third quarter income rose 21
percent from a year ago [ID:nSNAL00051].
 In Indonesia, coal miner PT Bumi Resources Tbk fell as much
as 3.5 percent before closing down 0.88 percent, and state-run
construction firm, PT Adhi Karya Tbk (ADHI.JK), sank 7.14
percent ahead of a cabinet line-up expected this week.
 Among losers in Malaysia, top lender Maybank Bhd (MBBM.KL)
dropped 1.15 percent, while gaming group Genting Bhd (GENT.KL)
fell 0.52 percent.
 Malaysia's number two lender, CIMB Bank (CIMB.KL), closed
unchanged after rising as much as 1.74 percent, cheered by a
positive profit outlook at its Thai unit. [ID:nBKK429856] But
top lender Maybank Bhd (MBBM.KL) lost 1.15 percent.
 A retreat in world oil prices dragged Thailand's
heavyweight energy shares down, with PTT Exploration PTTE.BK,
the most actively traded stock, dropping 1.88 percent, and top
oil and gas firm PTT PTT.BK down nearly 2.0 percent.
 Shares in Thai Banks were also hit by profit taking after
quarterly results. Falls were led by a 3.3 percent drop in top
lender Bangkok Bank (BBL.BK) and a 2.6 percent drop in
second-ranked Krung Thai Bank KTB.BK.
 ($1=33.46 Baht)
 (Editing by Jason Szep)


















































































 

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