SE Asia Stocks - Indonesia falls on import duty rules; S'pore eases after weak data
BANGKOK, July 24 (Reuters) - Most Southeast Asian stock markets fell on Friday, with shares of retailers underperforming in Indonesia on concerns over new import duty rules, while Singapore's key index hit a more than one-week low after weak industrial production data. The Jakarta composite index shed 1.1 percent, heading for a weekly loss. Shares of retailer PT Mitra Adiperkasa Tbk fell 7.6 percent after new import duty rules released by Indonesian government. Indonesia raised import tariffs on food, clothes and many other consumer goods on Thursday in a move to help domestic producers. Singapore's Straits Times Index traded down 0.1 percent on the day and a tad lower on the week. Jardine Cycle & Carriage Ltd dropped 2.4 percent, the biggest percentage loser on the index. The city-state released industrial production data for June, which showed a 4.4 percent fall from a year earlier, below expectations. Philippines was nearly flat after data showed the country's imports fell for a third straight month in May. Most markets are set to end the week lower. The Thai SET index is on track for a weekly drop of 2.6 percent, the worst performer in the region, amid unfavourable quarterly results of many large-caps such as PTT Exploration and Production. Brokers also cited other factors such as expectations of a cabinet reshuffle. "Investors should keep an eye on the cabinet reshuffle. If the new members are well known, it will help regain the trust of investors," said broker Maybank Kim Eng Securities. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0641 GMT Market Current Prev Close Pct Move Singapore 3352.28 3356.37 -0.12 Kuala Lumpur 1719.73 1722.44 -0.16 Bangkok 1440.94 1444.66 -0.26 Jakarta 4849.97 4902.85 -1.08 Manila 7659.11 7653.22 +0.08 Ho Chi Minh 632.39 632.01 +0.06 (Reporting by Viparat Jantraprap; Editing by Prateek Chatterjee)
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