SE Asia Stocks -Indonesia retreats amid political concerns

miércoles 8 de octubre de 2014 07:01 GYT

BANGKOK, Oct 8 (Reuters) - Indonesian shares retreated on
Wednesday on renewed political concerns while most Southeast
Asian stock indexes hovered near oversold territory as investors
cut holdings in risk assets amid concerns about weaker global
growth outlook.
    Jakarta's composite index dropped 1.5 percent,
almost erasing gain of 1.7 percent made over the past two
trading days.
    Foreign selling hit large caps such as Bank Mandiri
 and Telkom Indonesia amid a fall in the
    The selling in shares came after the chairman's seat in the
Indonesian upper house was won by the opposition early on
Wednesday, highlighting the weakness of Joko Widodo's coalition.
    Last week, the opposition also won the vote for the head of
the parliament position.
    The market expects the coalition's failure to win the two
positions could jeopardize Joko Widodo's reform agenda and be an
obstacle to his Indonesia growth agenda, said Andri Zakarias, an
analyst with BNI Securities in Jakarta.
    The International Monetary Fund cut its global economic
growth forecasts for the third time this year on Tuesday,
denting sentiment across Asia.  
    Singapore's index closed at the lowest since late
May, with its 14-day Relative Strength Index (RSI) at 30.9, near
the oversold level of 30 or below. Malaysia's index hit 
the lowest close since late March, with the 14-day RSI at 29.5.
    The Thai SET index edged slightly higher. Shares of
Thai Airways International led the pack after a
newspaper reported the airline would post a loss in the third
quarter but return to profit in the fourth quarter.
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 Change on day
 Market             Current     Prev Close    Pct Move
 Singapore          3226.71       3243.99       -0.53
 Kuala Lumpur       1824.32       1833.54       -0.50
 Bangkok            1543.39       1539.39       +0.26
 Jakarta            4958.52       5032.84       -1.48
 Manila             7185.68       7239.38       -0.74
 Ho Chi Minh         617.26        614.08       +0.52
 Change on year
 Market             Current       End 2013    Pct Move
 Singapore          3226.71       3167.43       +1.87
 Kuala Lumpur       1824.32       1866.96       -2.28
 Bangkok            1543.39       1298.71      +18.84
 Jakarta            4958.52       4274.18      +16.01
 Manila             7185.68       5889.83      +22.00
 Ho Chi Minh         617.26        504.63      +22.32
 (Reporting by Viparat Jantraprap in Bangkok and Fransiska
Nangoy in Jakarta; Editing by Anupama Dwivedi)