SE Asia Stocks-Most markets lower, S'pore at 1-wk low

Mon Jun 8, 2009 6:49am EDT
 
[-] Text [+]
 * CapitaLand, big caps push S'pore to 1-week low
 * Indonesia, Thailand fall; led by banks
 * Malaysia comes off 9-month high
 By Viparat Jantraprap
 BANGKOK, June 8 (Reuters) - Most Southeast Asian stock
markets gave up early gains on Monday, with CapitaLand and
other big caps leading Singapore to a 1-week low, and weaker
bank shares pushing Indonesia and Thailand lower.
 Markets in the region rose early after U.S. data showed
employers shed far fewer jobs than expected in May.
 But by 1047 GMT, the MSCI index of Asia-Pacific stocks
outside Japan .MIAPJ0000PUS was down 2.1 percent at 324.22,
off a day high of 331.82 points.
 Singapore's benchmark Straits Times Index .FTSTI fell 2.6
percent, after earlier losing more than 3 percent to 2321.41,
its lowest since May 29. CapitaLand (CATL.SI), Southeast Asia's
biggest developer, dropped 3.6 percent.
 The index, which had neared 8-month highs after rising by
almost 12 percent in the past three weeks, was expected to fall
to around 2,300 or 2,250 in coming sessions, traders said.
 "It's a healthy consolidation because the market has gone
up a lot in the past two months. So now, in line with the
regional markets, it's just a consolidation. It's quite healthy
to have a pullback," a Singapore trader said.
 DBS Group Holdings (DBSM.SI), Southeast Asia's biggest
bank, fell 3.4 percent. Shipbuilder COSCO Corp (COSC.SI) lost
5.6 percent, and Singapore-listed plantation firm, Golden Agri
Resources (GAGR.SI) dropped 4.4 percent.
 The Jakarta index .JKSE dropped 1.1 percent to 2056.6
points, after earlier rising to 2099.08, its highest since
September 4. PT Bank Rakyat Indonesia Tbk (BBRI.JK), the
country's third-largest lender, was off 5.2 percent.
 PT Bank Mandiri Tbk (BMRI.JK), the largest lender, fell 3.5
percent. Number four PT Bank Negara Indonesia (BBNI.JK) dropped
2.2 percent.
 In Kuala Lumpur, the main index .KLSE eased 0.3 percent,
after earlier rising to its highest level since September 8.
 Lafarge Malayan Cement Berhad (LMCE.KL) slid 18.5 percent,
while Genting (GENT.KL) was down 1.7 percent.
 In Bangkok, the SET index .SETI ended down 0.8 percent as
investors cashed out recent gains in bank stocks. Bank of
Ayudhya BAY.BK fell 4.7 percent and Siam Commercial Bank
SCB.BK was down 2.9 percent.
 Vietnam .VNI, Southeast Asia's best performer last week,
added 4.8 percent to close at its highest level since September
10, The Philippine index .PSI closed down 0.4 percent.
 ($1= 34.39 Baht)
 (Additional reporting by Eveline Danabrata)
 (Editing by Darren Schuettler)

















































































 

Featured Broker sponsored link