February 3, 2014 / 6:05 AM / 4 years ago

SE Asia Stocks-Most weaker with Asia; Thai up after weekend polls

BANGKOK, Feb 3 (Reuters) - Most Southeast Asian stocks fell
on Monday, with Singapore sliding to five-month lows amid weak
sentiment in the U.S. and  Asian stock markets, but Thai stocks
rose on short covering after voting in Sunday's general election
went ahead peacefully.
    Singapore's Straits Times Index dropped 1.1 percent
to 2,993.73, falling at one point to 2,991.15, the lowest since
Aug. 28, led down by shares of Singapore Telecommunications
 and Oversea-Chinese Banking Corp.
    Broker NRA Capital expects the index to fall to initial
support of 2,900, citing the pace of Wall Street's loss on
Friday and as the market deals with more negative than positive
    "Even if the further $10 billion cut to the Fed's QE
programme was expected, this did not come with accompanying
positive indicators but more uncertainty as to whether the
faltering recovery can take more setbacks," the broker said.
    In Jakarta, selling in large caps such as Telkom Indonesia
 sent the main index down 0.4 percent. In
Manila, the main index eased 0.3 percent, led down by
shares of Bank of the Philippine Islands.
    MSCI's index of Southeast Asian shares was
down 0.3 percent while MSCI's broadest index of Asia-Pacific
shares outside Japan eased 0.2 percent by 0542
    Thai stocks bucked the downtrend, up 1.1 percent by
midday, led by large caps such as Advanced Info Service
 after the weekend poll passed without violence as
feared. Brokers said political risks remained. 
    "It is important to monitor what the caretaker government
will do during the vacuum period. The Election Commission plans
to hold a by-election on Feb. 23, but it still might not be
enough to fill the 95 percent of MP seats required," strategists
at broker KGI Securities wrote in a report.
    Malaysia was shut for a market holiday and Vietnam
 remained closed for the country's Lunar New Year
festival, reopening on Feb. 6. 
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 Change at 0542 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   377.56        377.69       -0.03
 Singapore          2993.73       3027.22       -1.11
 Bangkok            1288.47       1274.28       +1.11
 Jakarta            4401.97       4418.76       -0.38
 Manila             6020.96       6041.19       -0.33

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