August 6, 2014 / 8:11 AM / 3 years ago

SE Asia Stocks -Indonesia leads regional decline

BANGKOK, Aug 6 (Reuters) - Stocks in Indonesia fell for a
second day on Wednesday as caution remained after disappointing
second-quarter economic data and due to the political situation
while Southeast Asian stock markets mostly edged lower, in line
with others in Asia.
    The benchmark Jakarta's composite index was down 1
percent amid active selling in shares of Bank Rakyat Indonesia
 and Astra International.
    It closed lower on Tuesday after data showed Indonesia's
economy unexpectedly failed to gain traction in the second
quarter due to weak investment and exports. 
    Indonesia's losing presidential candidate Prabowo Subianto
launched a last-gasp attempt to overturn the official election
result on Wednesday, telling the nation's highest court last
month's vote was tainted by "massive" fraud. 
    Singapore, Malaysia and the Philippines
 saw modest losses as Asian stocks fell broadly after a
slump on Wall Street and tensions over Ukraine smothered markets
with a mood of risk aversion. 
    In Bangkok, the SET index was little changed, helped
by gains in dividend yielding stocks such as Advanced Info
Service as the Bank of Thailand kept its benchmark
one-day repurchase rate at 2.0 percent as expected.
    Brokers said a key market focus is formation of an interim
    "The cabinet members and the new Prime Minister will be key
variables attracting foreign interest back to the Thai markets,
which should take place in the second half of August," Maybank
Kim Eng Securities said in a report.
    In Manila, shares of Globe Telecom bucked the
trend, rising 2.7 percent after the telecoms firm posted a 385
percent jump in earnings for six months ended June 30, 2014.
    Vietnam's benchmark VN Index rose on gains in
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 Change at 0741 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   439.15        441.66       -0.57
 Singapore          3319.53       3327.67       -0.24
 Kuala Lumpur       1870.84       1876.69       -0.31
 Bangkok            1526.69       1528.98       -0.15
 Jakarta            5057.19       5109.09       -1.02
 Manila             6948.97       6974.00       -0.36
 Ho Chi Minh         608.47        607.73       +0.12
 * 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 Viparat Jantraprap; Editing by Anupama Dwivedi)
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