SE Asia Stocks -Indonesia extends loss to 5-week low amid weak rupiah
BANGKOK, June 5 (Reuters) - Most Southeast Asian stock markets were flat or weaker on Friday as the Indonesian index dropped to a more than five-week low amid weakness in the rupiah and Philippine shares slipped on caution over easing May inflation and the interest rate outlook. The Jakarta composite index fell 0.2 percent to 5,084.42, the lowest since April 30, on course for a weekly drop of 2.5 percent, and was the region's worst performer. Selling led by foreign investors sent a number of large caps to new lows, with Astra International sliding to a more than five-week low and Bank Negara Indonesia hovering around a more than four-month low. The rupiah hit a 17-year low for a second-straight day on Friday, spurring concerns over the impact of weakening rupiah on corporate production costs which could later hurt earnings. Philippine key share index was down 0.3 percent, poised for a third weekly loss of 0.6 percent. Philippine inflation eased to its lowest in nine years, giving the central bank scope to cut interest rates. In Bangkok, the SET index rose for a third day, adding 0.7 percent. Trading volume was relatively thin at about half of the full day average over the past 30 days. Brokers cited technical-led buying and expected the gains to be short-lived due to concerns over global uncertainties. "Despite bullish technical backdrop still intact after yesterday's strong rally, we believe Thai stocks will likely remain vulnerable to downside risk amid external pressures," strategists at broker Phillip Securities wrote in a report. The SET index is set for a modest weekly gain of 0.2 percent, trailing Vietnam's which is on track to end the week up 1.4 percent. Indexes in Singapore and Malaysia are both on track for a third successive week of falls, down 1.6 percent and 0.2 percent, respectively. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0726 GMT Market Current Prev Close Pct Move Singapore 3337.12 3345.00 -0.24 Kuala Lumpur 1744.00 1741.48 +0.14 Bangkok 1500.66 1490.90 +0.65 Jakarta 5084.42 5095.82 -0.22 Manila 7526.70 7553.65 -0.36 Ho Chi Minh 576.91 568.99 +1.39 (Reporting by Viparat Jantraprap; Additional reporting by Fransiska Nangoy in Jakarta; Editing by Anupama Dwivedi)
© Thomson Reuters 2016 All rights reserved.