July 25, 2014 / 7:46 AM / in 3 years

SE Asia Stocks - Most down, Indonesia retreats ahead of holidays

BANGKOK, July 25 (Reuters) - Most Southeast Asian stock
markets fell on Friday ahead of holidays in the region, with
Indonesia heading for the first weekly loss in July amid a
weaker rupiah and outflows in large-caps, while Singapore
snapped an eight-session winning streak.
    In Jakarta, foreign investors sold shares of banks and index
heavyweights such as Astra International before a
market holiday next week, while the rupiah inched away
from this week's two-month high due to month-end demand for
    "(The selling was) partly because of the holiday but we are
also in the second-quarter earnings season at the moment, and
results have not been that great," said Harry Su, head of
research at broker Bahana Securities in Jakarta.
    Shares of PT Bank Mandiri Tbk dropped 2.4 percent
after Indonesia's biggest lender by assets reported a rise of 16
percent in first-half net profit, in line with expectations, but
flagged smaller loan growth this year. 
    Indonesia's main index edged down 0.3 percent, and
was on track to end the week 0.1 percent lower.
    The market could see near-term volatility amid uncertainties
involving a new government formation, a court hearing on losing
presidential candidate Prabowo Subianto's lawsuit challenging
the result and growing fuel subsidy problems pressuring the
country's budget.  
    In Singapore, the key index slightly eased after an
almost 2 percent rise since July 15. There was selling in recent
gainers such as DBS Group Holdings, but strong
earnings lifted Keppel Corp. 
    Singapore will be closed on Monday, Malaysia on Monday and
Tuesday and the Philippines on Tuesday.
    Thai shares bucked the trend, gaining 0.1 percent.
Thai Airways International rose 4.5 percent, building
on a more than 7 percent jump on Thursday after the company's
board approved a restructuring plan to cut costs.
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 Change at 0622 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   444.59        446.14       -0.35
 Singapore          3341.81       3353.89       -0.36
 Kuala Lumpur       1868.95       1877.05       -0.43
 Bangkok            1545.82       1543.92       +0.12
 Jakarta            5080.18       5098.64       -0.36
 Manila             6875.46       6889.89       -0.21
 Ho Chi Minh         604.75        602.06       +0.45
 * 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 Prateek

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