SE Asia Stocks: Indonesia falls to lowest since Jan 2; others mixed
SINGAPORE, May 31 – Indonesia’s stock market fell 2.2 per cent today with heavy foreign outflow linked to euro zone debt woes and volatility in its rupiah currency, while other markets in the region closed mixed.
Jakarta Composite Index fell to 3,832.82, its lowest close since Jan. 2, with foreign outflow of US$117.76 million concentrated in blue chips, traders said.
Indonesia’s currency traded at 9390 rupiah to 9410 rupiah against US dollar at 0909 GMT today, near levels last seen in late 2009.
“(The) main factors are still Europe and rupiah volatility, even though the central bank had already said it is confident to keep the currency at the 9,450 level,” said Teddy Dwitama, an analyst at Jakarta-based OSK Nusadana Research.
Singapore edged down 0.4 per cent and Vietnam shed 1.4 per cent. Bucking the trend, the Philippines jumped 1.5 per cent to its highest close since May 11, Malaysia gained 0.4 per cent and Thailand edged up 0.3 per cent.
Most Southeast Asian stocks suffered losses in May amid foreign outflows and falling demand for riskier assets over worries about Europe.
Indonesia posted its worst month since October 2008, falling 8.3 per cent in May, Southeast Asia’s second worst performer after a 9.4 per cent drop of Vietnam.
Thailand fell 7.1 per cent. Malaysia eked out a 0.64 per cent gain for the month. – Reuters
