SE Asia Stocks-Down amid foreign outflow; Indonesia ends at 11-month low
June 9 (Reuters) - Southeast Asian stock markets closed weaker on Tuesday, led by Indonesia and the Philippines as weaker currencies and concerns over an early rate hike by the Federal Reserve weighed on sentiment. The declines were exacerbated by foreign investors exit from major regional markets. The Jakarta Composite Index fell 2.3 percent to 4,899.88, its lowest close since July 4, 2014, led by financials amid fears over possibility of a U.S. rate hike as early as September and further weakening of rupiah. 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. "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. Jakarta saw a net foreign outflow of $76.92 million, while Malaysia witnessed $53.45 million of net foreign selling, and Philippines saw $27.56 million outflow. Thailand saw a net selling of $14.80 million. Philippines stock index fell 2.2 percent to close at its lowest level since Jan. 7, 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 closed 0.8 percent down at five-month low, Malaysia fell 0.6 percent to 1,729.05, its lowest since Jan. 6, and Vietnam ended 0.9 percent down, surrendering early gains. Thailand closed 1.1 percent weaker. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 3295.13 3320.33 -0.76 Kuala Lumpur 1729.05 1739.45 -0.60 Bangkok 1492.32 1508.28 -1.06 Jakarta 4899.88 5014.99 -2.30 Manila 7323.44 7484.89 -2.16 Ho Chi Minh 574.47 579.83 -0.92 Change on year Market Current End 2014 Pct Move Singapore 3295.13 3365.15 -2.08 Kuala Lumpur 1729.05 1761.25 -1.83 Bangkok 1492.32 1497.67 -0.36 Jakarta 4899.88 5226.95 -6.26 Manila 7323.44 7230.57 +1.28 Ho Chi Minh 574.47 545.63 +5.29 ($1 = 3.7470 ringgit) ($1 = 45.0550 Philippine pesos) ($1 = 13,300.0000 rupiah) ($1 = 33.7200 baht) (Reporting by Shihar Aneez in COLOMBO, Viparat Jantraprap in BANGKOK and Fransiska Nangoy in JAKARTA; Editing by Anand Basu)
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