SE Asia Stocks - Down on China, Greece woes; Malaysia AirAsia worst on MSCI
BANGKOK, July 8 (Reuters) - Southeast Asian stock markets fell on Wednesday as selloffs in Chinese shares and Greek debt fears rippled across Asian exchanges, with shares of Malaysia's AirAsia underperforming amid concerns over its Indonesian affiliate. Singapore's key Straits Times Index was down 1.04 percent, giving up the previous day's gains. Shares of DBS Group Holdings, among those actively traded, shed 1.1 percent after Tuesday's more-than-three-week closing high. "The uncertainty over Greece and whether it will be out of the euro zone by next Monday will cast a pall on trading this week," Singapore-based broker NRA Capital wrote in a report. Stocks in Indonesia and Malaysia extended recent declines. Asian shares tumbled to a 1-1/2-year low on Wednesday and the safe-haven yen rallied as Chinese stocks struggled to pull out of a tailspin, shaking investors already rattled by the Greek debt crisis. Major Southeast Asian share indexes have lost much of their upward momentum in the early months of the year. Jakarta's composite index has fallen 6.6 percent so far in 2015, making it Asia's second worst performer. The Philippine index, which hit an all-time high in April and was among the top performers in Asia, saw a 2.3 percent year-to-date gain. KGI Securities in Bangkok said the SET index has largely priced in Greek debt concerns. "The market is considered to have discounted Greece concerns to a great extent," it said in a report. "Technically, we expect the benchmark SET index to zigzag up." Among weak spots in the region, shares in AirAsia dropped 12 percent, the biggest percentage loser on MSCI's index of Southeast Asia, hit by concerns it may miss a deadline to raise equity in its Indonesian affiliate to avoid the unit's operations being suspended. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0533 GMT Market Current Prev Close Pct Move Singapore 3306.25 3340.93 -1.04 Kuala Lumpur 1698.61 1712.30 -0.80 Bangkok 1475.82 1483.77 -0.54 Jakarta 4889.96 4906.05 -0.33 Manila 7396.37 7442.65 -0.62 Ho Chi Minh 618.75 630.27 -1.83 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
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