SE Asia Stocks-Indonesia at 11-month low on U.S. rate hike, weak rupiah concerns

martes 9 de junio de 2015 01:55 GYT
 

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.
        
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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)