Business

SE Asia Stocks: Mostly lower; Singapore at 2-week low

BANGKOK, April 23 — Most Southeast Asian markets extended losses today for a third day running on renewed worries over the euro zone debt crisis and further signs of weakness in European economies.

Singapore fell 1.1 per cent to a near two-week low in thin trade and Thailand eased 0.4 per cent from a two-week high, led by energy shares.

Indonesia ended down 0.6 per cent at a one-week low in heavy volume, with US$7.2 million (RM21.6 million) of foreign outflows, after credit rating agency Standard and Poor’s said it was not prepared to upgrade the country’s sovereign rating to investment grade status, as had been widely expected.

S&P maintained its positive outlook on the rating, but said it was concerned by signs of “policy slippages”.

Despite US$28.6 million of foreign inflow, Malaysia fell 0.5 per cent to its lowest since March 26, while Vietnam  edged down 0.1 per cent in light volume.

Bucking the trend, the Philippines inched up 0.1 per cent in improved volume compared to the market’s 30-day average volume.

Regional markets reacted positively to a survey that showed China’s factory activity was stabilising, but were hit by late selling as European markets and US stock futures fell. — Reuters

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