SE Asia Stocks - Fall; Indonesia hits 16-month low
BANGKOK, July 28 (Reuters) - Southeast Asian stock markets fell on Tuesday as investors lowered risk exposure ahead of a U.S. central bank meeting and amid instability in China's stock markets, with the Indonesian index hitting a 16-month low in line with a fall in the rupiah. The Jakarta composite index was down 1.2 percent at 4,714.76, its lowest level since late March 2014. Foreign-led selling hit banking shares. Bank Rakyat Indonesia and Bank Central Asia fell more than 3 percent each. The rupiah was down more than 8 percent year-to-date, among the underperformers in emerging Asia. Markets in the region came under selling pressure as local currencies weakened, with Malaysia and Thailand among the underperformers in Asia so far this year. The Thai SET index eased 0.3 percent to its lowest closing level since May 2014. Thai shares remained technically weak in the near term. Broker SCB Securities saw the SET's next stop for a rebound at 1,402, and then 1,375. The broker said it was still bearish although the index looked the most oversold in the region. SCB said it could not offer any "new fundamental" reason for buying the Thai market in the long term. Energy-related shares fell across exchanges as global oil prices fell further. Singapore's Golden Agri Resources dropped 5.6 percent, Malaysia's Kuala Lumpur Kepong fell 2.4 percent while refiner Thai Oil eased 2.0 percent. Investor sentiment in Asia remained cautious ahead of a two-day U.S. Federal Reserve meeting beginning later on Tuesday where some investors believe it will make its case for hiking rates as early as September. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 3281.09 3313.42 -0.98 Kuala Lumpur 1699.70 1709.76 -0.59 Bangkok 1408.07 1412.55 -0.32 Jakarta 4714.76 4771.28 -1.18 Manila 7479.03 7547.44 -0.91 Ho Chi Minh 631.47 635.46 -0.63 Change on year Market Current End 2014 Pct Move Singapore 3281.09 3365.15 -2.50 Kuala Lumpur 1699.70 1761.25 -3.49 Bangkok 1408.07 1497.67 -5.98 Jakarta 4714.76 5226.95 -9.80 Manila 7479.03 7230.57 +3.44 Ho Chi Minh 631.47 545.63 +15.73 (Reporting by Viparat Jantraprap; Editing by Sunil Nair)
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