SE Asia Stocks: Weak on Greece woes, S’pore at 3-month low
BANGKOK, May 9 – Southeast Asian stocks fell today as Asian investors continued to worry over political disarray in Greece and the euro zone’s debt problems.
Singapore’s Straits Times Index fell 1.06 per cent to a three-month low while Jakarta’s Composite Index dropped 1.24 per cent to its lowest in a month.
Across the region, commodities-related shares came under selling pressure, with market players turning cautious on the prospect of their earnings.
Jakarta-based Bahana Securities has cut its 2012 target for Jakarta’s Composite Index to 4,500 from 4,600, reflecting worse than expected first quarter earnings and falling commodities prices, Harry Su, head of research said.
The index closed at 4,129.06 today.
“Commodities prices have been falling and we expect things to actually become worse in the second quarter. For this commodities players, we’re expecting to be worse for the second quarter results,” he said. – Reuters