SE Asia Stocks Decline on China worries, outflows
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SE Asia Stocks Decline on China worries, outflows
SE Asia Stocks Decline on China worries, outflows |
Business & Markets 2013 |
Written by Reuters |
Monday, 24 June 2013 18:52 |
BANGKOK (June 24): Most Southeast Asian stocks fell to multi-month lows on Monday, with fears of a tighter monetary policy in China adding to concerns of investors who have been exiting the region since the U.S. Federal Reserve said it would scale back its stimulus.
The Philippines' main index fell 3.4 percent to a near six-month low, the Thai SET index lost 2.6 percent — its lowest close since Dec. 18, and Jakarta's Composite Index closed 1.9 percent weaker to a near five-month low.
Fears over policy tightening by China hit sentiment after a warning from the People's Bank of China that local banks needed to do a better job of managing their cash and lending.
Foreign investors sold a net $1.95 billion in shares in Jakarta and $1.46 billion in Thailand in the first three weeks of June ended on Friday, Thomson Reuters and bourse data showed.
Kuala Lumpur and Manila witnessed foreign outflows of $971 million and $338 million in the same period.
Singapore's Straits Times Index fell 1.6 percent to a more than six-month low, led by a 3.1 percent fall in palm oil firm Wilmar International Ltd, which has a large exposure to China via its oilseeds crushing and consumer pack businesses.
Malaysian shares dropped 1 percent to their lowest since May 3, with foreign outflows at $117.94 million on Monday.
Jakarta's broader stock index also fell 1.9 percent to a five-month closing low with foreign outflows of $68.6 million.
Vietnam, the region's smallest bourse, lost 1.8 percent to a five-week low on foreign selling in blue chips.
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