BANGKOK, Feb 22 – Southeast Asian stocks ended mostly lower on worries over the feasibility of the Greek deal and rising oil prices, while data showing a continuous contraction in China’s factory sector kept investors cautious today.
Benchmarks in Singapore, Indonesia, Malaysia and Thailand ended lower, while those in the Philippines and Vietnam rose.
HSBC’s China flash purchasing managers index (PMI) data showed the factory sector shrinking for the fourth month in a row in February as export orders slumped. The index however rose to a four-month high of 49.7.
Singapore closed 1 per cent weaker from its eight-month high, while Indonesia, Malaysia, and Thailand edged down 0.2 per cent each.
“Regional sentiment, Europe market are still down, indicating the Greece bailout is not enough to push up the market,” said Teddy Dwitama an analyst at Jakarta-based OSK Nusadana Research.
Both MSCI’s broadest index of Asia Pacific shares outside Japan and the MSCI index for Southeast Asia, made up of selected stocks were flat.
Bucking the trend, the Philippines gained 0.7 per cent on expectations of improved earnings, analysts said. Vietnam’s index jumped 1.8 per cent.
Despite falls, Malaysia saw a US$19.4 million (RM58.80 million) inflow, while Jakarta witnessed a US$5.4 million outflow.
Singapore, the region’s second best performer after Vietnam this year, fell on weakness in commodities. Wilmar International Ltd fell 10.9 per cent, while Noble Group Ltd lost 4.4 per cent on worries over shrinking margins.
Wilmar, the world’s largest listed palm oil firm posted a 57 per cent jump in quarterly profit, but investors dumped shares on concerns about declining margins as the results disappointed analysts as earnings from its consumer products and palm oil businesses both fell by 12 per cent despite higher sales and palm oil production volumes.
In Bangkok, the benchmark index fell, but volumes jumped on heavy trading in Thailand’s seventh-largest lender TMB Bank Pcl.
TMB rose 3 per cent on a report that Industrial and Commercial Bank of China (ICBC) was keen to buy a stake in it from the Thai government.
In Jakarta, market heavyweights Astra International, Indonesia’s biggest motor vehicle distributor led the fall with a 2 per cent loss.
Analysts said Jakarta may swing between gains and losses until end of the month when the earnings season finishes. – Reuters
