SE Asia Stocks-Fall on Greece debt worries; Malaysia near 1-week low
BANGKOK, July 6 (Reuters) - Most Southeast Asian stock markets fell over 1 percent on Monday as worries over the Greek debt crisis sparked selling across major sharemarkets, with the Malaysian index sliding to a near one-week low amid graft allegations linked to the Prime Minister. Selloffs in the region came in line with Asian stocks which hit a six-month trough after a Greek vote to reject austerity measures in their referendum on Sunday. Brokers expected market volatility to continue in the near term although they said the impact of Grexit would mostly be seen indirectly. Fundamentally, Asian economies are not materially exposed to Greece, Maybank Kim Eng analysts wrote in a report. "Regional currencies and equity markets can be expected to be volatile with weakness bias in the short-term, pending clarity on the Greece crisis' end-game, mainly due to 'safe haven' flows into major currencies and asset denominated in such currencies," they wrote in a report. In Kuala Lumpur, the key index dropped 1.2 percent, its lowest since June 30 as the ringgit hit a 16-year low after reports linked the country's prime minister to probes into alleged corruption. Singapore's benchmark Straits Times Index retreated from a more than one-week closing high on Friday while the Jakarta composite index reversed from the previous session's two-week closing high. Indexes in Thailand and the Philippines extended losses from Friday. Vietnam bucked the trend, rising for a third straight day. Energy related shares were top losers on MSCI's index of Southeast Asia as oil prices fell sharply in part after Greece rejected bailout terms. Thai refiner IRPC dropped about 5 percent, the worst performer on the index, and Indonesia's mining firm United Tractors was down 4.8 percent, the second worst performer on the index. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0726 GMT Market Current Prev Close Pct Move Singapore 3320.26 3342.73 -0.67 Kuala Lumpur 1713.89 1734.24 -1.17 Bangkok 1473.20 1489.59 -1.10 Jakarta 4922.86 4982.91 -1.20 Manila 7455.15 7535.30 -1.06 Ho Chi Minh 625.04 616.43 +1.40 (Reporting by Viparat Jantraprap; Editing by Biju Dwarakanath)
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