SE Asia Stocks - Most weak ahead of Fed meet, Singapore at 5-wk lows
BANGKOK, Sept 16 (Reuters) - Singapore shares fell to more than five-week lows on Tuesday amid a selloff in property stocks, while other markets in Southeast Asia were flat-to-weaker as investors awaited the Federal Reserve's meeting for clues on U.S. monetary policy. Singapore's Straits Times Index fell for a third day, down 0.8 percent to 3,285.71, the lowest since Aug. 8. Shares of property developers such as CapitaLand, extended Monday's falls due to weak monthly sales data. The cautious mood prompted broad selling, with Noble Group and Genting Singapore among the top losers. In Jakarta, the Composite Index was a tad lower after a range-bound session, while the Philippine index gained modestly, rebounding from a near two-week closing low on Monday. The Thai SET index rose slightly. Broker KGI Securities expects a possible weakness in the index but the SET is unlikely to move below 1,550 from the current level of 1,581.63. "Expectation on Fed signal was more mixed after U.S. factory output slowed, which may show that the U.S. economic recovery has yet to be broad-based and an imminent interest rate hike may be unnecessary," KGI Securities said in a report. Energy shares were mixed, with PTT up 0.6 percent and PTT Global Chemical down 0.8 percent, as the government restructures the energy industry, including a potential reform. "PTT stands to gain the most from the reform through NGV and LPG re-pricing," said KGI. "On the other hand, PTTGC stands to lose as much as 3.4-5.2 billion baht a year to its bottom-line or 10-15 percent to fiscal year 2015F estimates." Elsewhere, Vietnam's benchmark VN Index dropped 1 percent as cautious investors offloaded stocks because of two exchange-traded funds' review week. Malaysia is shut for a holiday and will reopen on Wednesday. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0617 GMT Market Current Prev Close Pct Move Singapore 3285.71 3312.47 -0.81 Bangkok 1581.63 1579.12 +0.16 Jakarta 5140.08 5144.89 -0.09 Manila 7178.18 7161.27 +0.24 Ho Chi Minh 623.66 630.34 -1.06 (Reporting by Viparat Jantraprap; Editing by Prateek Chatterjee)
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