SE Asia Stocks -Jakarta falls to near 7-wk low after parliament vote
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. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS 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)
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