BANGKOK, Oct 2 — Singapore stocks slid nearly two per cent today, leading losses across Southeast Asia following disappointing US economic data.
Sentiment turned cautious after Wall Street suffered its worst one-day fall in three months on renewed fears about the durability of the economic recovery.
“The most recent economic news out of the United States is quite mixed and not positive enough to support further market gains and there is clearly a temporary flight to quality,” broker Kim Eng Securities said in a note to clients.
Singapore’s Straits Times Index dropped nearly two per cent to its lowest since Sept. 4. DBS Group Holdings, Southeast Asia’s biggest lender, slid 1.8 per cent and Singapore Telecommunications lost 2 per cent.
Malaysia’s index inched down 0.2 per cent, Thailand slid 0.3 per cent and Indonesia’s index ended flat, reversing a 1.8 per cent fall earlier.
Bangkok snapped three days of gains as top energy firm PTT and conglomerate Siam Cement shed 0.8 per cent and 1.4 per cent respectively following a court order this week suspending operations at the country’s largest industrial estate.
The Thai government’s lawyer filed an appeal today seeking to reverse the order.
In Kuala Lumpur, top lender Maybank fell 0.6 per cent, gaming-to-plantation conglomerate Genting lost 1.1 per cent, Genting Malaysia, which houses Genting’s Malaysian operations, eased 1.1 per cent.
Gainers in Jakarta included Bank Central Asia, which rose 4.7 per cent and Bank Mandiri which gained 3.2 per cent.
Bumi Resources fell 1.6 per cent, extending a 3 per cent loss yesterday after the biggest coal producer reported a 17 per cent decline in its first half net profit, due to higher tax charges.
The Philippines’ index lost 0.3 per cent after touching its lowest since Sept. 18, with conglomerate San Miguel Corp tumbling 15.8 per cent and top developer Ayala Land falling 2.1 per cent.
Manila Electric gained 0.6 per cent. Standard & Poor’s Ratings Services raised the long-term foreign and local currency corporate credit ratings on Manila Electric to ‘B’ from ‘B-’ and said the outlook was positive.
Vietnam’s index ended down 3.4 per cent after touching its lowest since Sept. 10 early in the session, led by PVFC, the financial arm of state oil group Petrovietnam, and insurer Bao Viet Holdings, which each fell about 5 per cent. — Reuters
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