SE Asia Stocks-Jakarta down after parliament ends direct elections; others mixed

viernes 26 de septiembre de 2014 06:49 GYT
 

Sept 26 (Reuters) - Indonesian stocks ended at a more than
one-week low on Friday, with heavy foreign outflow after its
parliament approved legislation to end direct elections to
regional posts, while other Southeast Asian markets ended mixed.
    The Jakarta Composite Index ended 1.3 percent weaker
at its lowest close since Sept. 16 on concerns over political
stability after president-elect Joko Widodo's Indonesian
Democratic Party failed to secure the political support needed
to scuttle the legislation. 
    The index, the worst performer on the week, touched a
seven-week low earlier in the day after Indonesia's parliament
approved a measure ending direct elections for governors and
mayors, a move president-elect Joko Widodo said was a "big step
back" for the country.
    "It reflects that the opposition coalition is very solid,
which could be a problem if the new government wants to pass a
new economic policy," said Arief Budiman, an analyst with
Ciptadana Securities in Jakarta.
    However, he said the market can take some comfort in the
fact that the government does not need to pass fuel subsidy
policy through the parliament.
    The Asian Development Bank's downward revision of the
country's 2014 economic growth to 5.3 percent from 5.7 percent
also weighed on sentiment and the bourse suffered a net $118.13
million foreign outflow. 
    Financial stocks led the fall, with Bank Mandiri 
and Bank Rakyat Indonesia losing 4.5 percent and 3.9
percent, respectively. 
    Malaysia fell 0.1 percent, the Philippines 
slipped 0.5 percent, and Vietnam's benchmark VN Index 
surrendered its early gains to end slightly weaker at 0.02
percent.
    Singapore closed nearly steady at 0.04 percent
gain. 
    Thailand, the only gainer on the week, closed 0.5
percent firmer despite the central bank's warning that the
country's pivotal exports will not grow at all this year.
However, the Bank of Thailand (BOT) maintained that the economy
can still grow 1.5 percent in 2014 assuming the government can
jack up spending in the last quarter. 
               
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SOUTHEAST ASIAN STOCK MARKETS
 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          3292.21       3290.99       +0.04
 Kuala Lumpur       1840.50       1843.11       -0.14
 Bangkok            1600.16       1591.99       +0.51
 Jakarta            5132.56       5201.38       -1.32
 Manila             7261.30       7294.21       -0.45
 Ho Chi Minh         604.98        605.10       -0.02
 
 Change on year
 Market             Current       End 2013    Pct Move
 Singapore          3292.21       3167.43       +3.94
 Kuala Lumpur       1840.50       1866.96       -1.42
 Bangkok            1600.16       1298.71      +23.21
 Jakarta            5132.56       4274.18      +20.06 
 Manila             7261.30       5889.83      +23.29
 Ho Chi Minh         604.98        504.63      +19.89
 (1 US dollar = 12,020.0000 rupiah)

 (Reporting by Shihar Aneez ib Colombo and Fransiska Nangoy in
Jakarta; Editing by Anand Basu)