SE Asia Stocks-Indonesia at 11-month low on U.S. rate hike, weak rupiah concerns
June 9 (Reuters) - Indonesian shares slid to over 11-month low on Tuesday as concerns over an early rate hike by the Federal Reserve and a weaker rupiah weighed on sentiment, while other Southeast Asian stock markets also retreated. Jakarta Composite Index was down 3.1 percent at 4,858.31, its lowest since June 30, 2014, led by financials amid possibility of a U.S. rate hike as early as September. "At the moment, I think we are being held hostage by the prospect of the Fed rate hike which could occur in the later part of this year," said Harry Su, head of research at Jakarta-based broker Bahana Securities. "This could mean further IDR weakness could continue to undermine sentiment on Indonesian market," Su said. Muhamad Alfatih, an analyst with Jakarta-based Samuel Sekuritas, said the weaker rupiah will hit a lot of companies that are exposed to big forex debt and dollar costs. The rupiah is emerging Asia's worst performing currency this year, having lost about 7.5 percent year-to-date against the dollar. It has reached multiple 17-year lows since last week, and at 0400 GMT was trading at 13,380 to the dollar. Philippines stock index was down 2.1 percent at its lowest since Jan. 8, a day after the Philippine peso hit more than one-year low. On Tuesday, Philippine's central bank governor said the monetary authority will let market forces determine the exchange rate and intervene only to deal with sharp currency swings. Singapore was down 0.4 percent to a near five-month low, Malaysia fell 0.4 percent, and Vietnam was down 0.2 percent, surrendering early gains. Thailand was 0.5 percent weaker at 1.499.85, led by financial and energy shares. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0516 GMT Market Current Prev Close Pct Move Singapore 3307.88 3320.33 -0.36 Kuala Lumpur 1732.23 1739.45 -0.42 Bangkok 1500.76 1508.28 -0.50 Jakarta 4858.31 5014.99 -3.12 Manila 7326.67 7484.89 -2.11 Ho Chi Minh 578.49 577.62 -0.23 (Reporting by Shihar Aneez in COLOMBO, Viparat Jantraprap in BANGKOK, and Fransiska Nangoy in JAKARTA; Editing by Anand Basu)
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