March 10, 2014 / 5:16 AM / 4 years ago

SE Asia Stocks-Most indexes down; Malaysian Airline shares fall

BANGKOK, March 10 (Reuters) - Most Southeast Asian stocks
fell on Monday, in line with Asia amid disappointing Chinese
trade data and the crisis in Ukraine, while Malaysia hit a week
low as shares of Malaysian Airline System hit a record
low after the disappearance of a plane.
    Malaysia's index slipped 0.5 percent to 1,823.34,
earlier hovering around the lowest since March 4.
    Shares of Malaysian Airline were the most actively-traded,
falling 8 percent, with about 247 million shares changing hands,
5.9 times a full-day average over the past 30 sessions.
    The stock lost as much as 18 percent to 20.5 sen at one
point after a Boeing 777 operated by the airline went missing
over the weekend. 
    Affin Investment Bank said the impact from the MH370 tragedy
was negative to the airline. The broker maintained a "sell"
rating on the stock, with target price of 0.19 ringgit.
    "While it is still premature to gauge the potential cost to
the company, the tragedy would nonetheless further dampen
sentiment on the stock and could potentially strain its balance
sheet further," the broker said in a report.
    Singapore's Straits Times Index edged down 0.4
percent as MSCI's broadest index of Asia-Pacific shares outside
Japan lost 1.1 percent. 
    Philippine main index was a tad higher after falling
in early trading hours.
    Jakarta's composite index traded nearly flat near 
midday, with banking stocks such as Bank Mandiri 
easing ahead of Bank Indonesia's interest rate decision this
    In Bangkok, the SET index was down 0.9 percent after
gaining about 4 percent over the past nine sessions. Active
selling was seen in recent outperformers such as airport
operator Airports of Thailand and coal miner Banpu
    Profit taking could further derail Thai shares as jitters
remained over the domestic political issues, including Prime
Minister Yingluck Shinawatra defence of the rice pledging scheme
later this week.
    "Investors should closely watch the Pro-Thaksin group and
the anti-government protestor PDRC movement after the ruling is
announced," broker Maybank Kim Eng Securities wrote in a report.
    Vietnamese shares were up 0.5 percent at their
highest in more than one week, extending their three-day winning
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 Change at 0421 GMT
 Market             Current     Prev Close    Pct Move
 TR SE Asia Index*   401.84        404.96       -0.77
 Singapore          3123.30       3136.26       -0.41
 Kuala Lumpur       1823.35       1832.26       -0.49
 Bangkok            1342.58       1355.08       -0.92
 Jakarta            4687.85       4685.89       +0.04
 Manila             6492.37       6481.83       +0.16
 Ho Chi Minh         582.61        579.75       +0.49
 * The Thomson Reuters South East Asia Index is a
highly representative indicator of stocks listed in Indonesia,
Malaysia, the Philippines, Singapore, Thailand and Vietnam.
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