SE Asia Stocks -Jakarta falls to near 7-wk low after parliament vote

viernes 26 de septiembre de 2014 02:54 GYT

Sept 26 (Reuters) - Indonesian stocks declined to a
seven-week low on Friday after its parliament approved
legislation to end direct elections to regional posts, while
other Southeast Asian markets mostly eased a day after a steep
drop on Wall Street. 
    Except Thailand's SET index, all other Southeast
Asian market indexes are poised to end the week in the red. 
    The Jakarta Composite Index was down 1.6 percent,
touching its lowest since Aug. 11 after Indonesia's parliament
approved legislation ending direct elections for the positions
of governor and mayor, a move president-elect Joko Widodo said
was a "big step back" for the country.
    Jakarta-based Trimegah Securities said in a research note it
expected the market to go into profit-taking mode following the 
parliament vote and the Asian Development Bank's downward
revision of the country's 2014 economic growth to 5.3 percent
from 5.7 percent. 
    Financial stocks led the fall with Bank Mandiri 
and Bank Rakyat Indonesia losing 3.8 percent and 3.3
percent, respectively. 
    Malaysia fell 0.3 percent, the Philippines slipped
0.3 percent, Singapore lost 0.1 percent, and Thailand
 was a tad weaker with 0.01 percent fall. 
    Bucking the trend, Vietnam's benchmark VN Index was
up 0.8 percent, led by property, energy and financial stocks. 
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 Change at 0628 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3287.62       3290.99       -0.10
 Kuala Lumpur       1836.90       1843.11       -0.34
 Bangkok            1591.89       1591.99       -0.01
 Jakarta            5116.91       5201.38       -1.62
 Manila             7274.35       7294.21       -0.27
 Ho Chi Minh         610.13        606.33       +0.83
 (Reporting by Shihar Aneez; Editing by Biju Dwarakanath)