SE Asia Stocks - Malaysia's index posts worst drop since December
BANGKOK, Aug 6 (Reuters) - Malaysian shares posted their worst drop in nearly eight months on Thursday due to a fall in the ringgit and foreign-led selling, while most other markets in Southeast Asia fell as investors weighed in the risk of a possible U.S. interest rate hike. The Kuala Lumpur composite index dropped 1.8 percent, the biggest single-day loss since December 2014. The Malaysian bourse said foreign investors unloaded a net 261 million ringgit ($67 million) on the day. The ringgit weakened past 3.9000 per dollar on Thursday for the first time since the Asian financial crisis 17 years ago as concern grew over a corruption scandal embroiling the prime minister and weakness in commodity prices. Indexes in Thailand and Indonesia reversed their previous day's gains, while the Philippines snapped a six-day winning streak, reflecting the heightened expectations of a possible interest rate hike in the United States. Vietnam's benchmark VN Index closed almost 1 percent lower, with most shares losing ground after a swift rebound in the previous session. Singapore finished up 0.17 percent in a range-bound session. The city-state's stock market will be closed from Friday through Monday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 3196.66 3191.39 +0.17 Kuala Lumpur 1694.64 1725.56 -1.79 Bangkok 1430.58 1436.36 -0.40 Jakarta 4806.56 4850.53 -0.91 Manila 7589.95 7662.55 -0.95 Ho Chi Minh 601.04 607.08 -0.99 Change on year Market Current End 2014 Pct Move Singapore 3196.66 3365.15 -5.01 Kuala Lumpur 1694.64 1761.25 -3.78 Bangkok 1430.58 1497.67 -4.48 Jakarta 4806.56 5226.95 -8.04 Manila 7589.95 7230.57 +4.97 Ho Chi Minh 601.04 545.63 +10.16 ($1 = 3.9040 ringgit) (Reporting by Viparat Jantraprap; Editing by Prateek Chatterjee)
© Thomson Reuters 2017 All rights reserved.