SE Asia Stocks-Indonesia falls over 3 pct after elections; foreigners exit

jueves 10 de abril de 2014 07:01 GYT

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
    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
    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
    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
    Thailand closed 0.6 percent firmer, the Philippines
 ended 0.8 percent up, and Malaysia edged up 0.2
    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.
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 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)