SE Asia Stocks-Indonesia falls over 3 pct after elections; foreigners exit
April 10 (Reuters) - Indonesian stocks slumped on Thursday, with foreign investors exiting risky assets after parliamentary election results signalled possible formation of a weak government that will have limited ability to push for reforms needed to boost investments in the Southeast Asia's largest economy. Initial results showed the main opposition Indonesian Democratic Party-Struggle (PDI-P) failed to win enough votes to nominate popular Jakarta governor Joko "Jokowi" Widodo for the powerful presidency. Jakarta Composite Index lost 3.2 percent to close at 4,765.73, its lowest since March 27, after it gained 4.6 percent in the 10 straight sessions through Tuesday following the announcement of Jakowi's candidacy. The index posted its worst performance in a day since Aug. 27, with the day's trading volume at 1.5 times of the average daily volume in the last 30 days as investors booked profits after shares rose on hope for Jakowi's party to win convincingly. Foreign investors sold a net $128.61 million worth of share, reversing the trend after the region's third best performer with an 11.5 percent return so far this year saw a net inflow of $1.81 billion since March 14. The fall was across the board led by market heavyweights. Indonesia's biggest auto distributor PT Astra International fell 6.2 percent, while Bank Mandiri and Bank Rakyat Indonesia lost 5.9 percent and 7.4 percent, respectively. Analysts said a larger-than-expected coalition by PDI-P could lead to a possible formation of a weak government with limited ability to push through necessary reforms and policies ahead. They also expect profit-taking in sectors such as infrastructure, property and banks, which have gained sharply in the lead up to the parliamentary elections. The Indonesian rupiah, the best performing Asian currency so far this year, also fell 0.4 percent as of 0800 GMT as foreign and local banks took profits after the poll results. Other Southeast Asian markets were range bound as positive sentiment on the minutes of the Federal Reserve's latest policy meeting was offset by an unexpected fall in Chinese exports in March. Thailand closed 0.6 percent firmer, the Philippines ended 0.8 percent up, and Malaysia edged up 0.2 percent. Bangkok saw a foreign inflow of $25.68 million, Manila witnessed $26.31 million, and Malaysia enjoyed a net $24.94 million offshore buying. Singapore and Vietnam were down 0.2 percent and 0.3 percent, respectively. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move TR SE Asia Index* 417.74 418.94 -0.29 Singapore 3203.58 3209.92 -0.20 Kuala Lumpur 1859.52 1855.75 -0.20 Bangkok 1389.56 1382.02 +0.55 Jakarta 4765.73 4921.40 -3.16 Manila 6638.89 6587.49 +0.78 Ho Chi Minh 601.33 603.25 -0.32 Change on year Market Current End 2013 Pct Move TR SE Asia Index* 417.74 388.37 +7.56 Singapore 3203.58 3167.43 +1.14 Kuala Lumpur 1858.52 1866.96 -0.40 Bangkok 1389.56 1298.71 +7.00 Jakarta 4765.73 4274.18 +11.50 Manila 6638.89 5889.83 +12.72 Ho Chi Minh 601.33 504.63 +19.16 * The Thomson Reuters South East Asia Index is a highly representative indicator of stocks listed in Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. ($1 = 11288.5000 Indonesian Rupiahs) ($1 = 44.7350 Philippine Pesos) ($1 = 3.2275 Malaysian Ringgits) ($1 = 32.2500 Thai Baht) (Reporting by Shihar Aneez; Editing by Anand Basu)
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