SE Asia Stocks-Malaysia at more than 2-year low as ringgit falls
BANGKOK, Aug 10 (Reuters) - Most Southeast Asian stock markets fell on Monday, led by a decline in Malaysia to a more than two-year low, in line with the ringgit depreciation while energy shares came under selling pressure amid weak global oil prices. The Kuala Lumpur Composite Index dropped almost 2 percent to 1,652.76, the lowest since April 2013. Oil and gas service company SapuraKencana Petroleum was down 4.7 percent, making it the biggest percentage loser. The ringgit stayed near a pre-peg 17-year low after news Malaysia's foreign exchange reserves fell below $100 billion threshold. Crude oil futures hit fresh multi-month lows after disappointing data from China over the weekend showed exports tumbled in the world's second-largest economy. "Going forward, we expect the FBMKLCI index to continue its downtrend due to softer ringgit, a dip in commodity price and the growing signals of the impending hike in Federal Reserve interest rates," broker Affin Hwang Capital said in a report. In Bangkok, broker KGI Securities said it anticipated the first Fed hike in September, similar to traders in the market. "Given the current backdrop, foreign outflows should continue, at least in the near-term. For this week, the market will focus on second-quarter non-financial results which will end this Friday," it said in a report. The Thai SET index was down 0.4 percent, while the Jakarta Composite Index shed 1 percent, both heading for their third session of falls. Shares of Indorama Ventures Pcl and palm planter Astra Agro Lestari were among top losers. The Philippine index was up 0.3 percent after two sessions of falls, while Vietnam rose 0.98 percent, on track for its second straight gain, with most blue chips higher. Singapore's stock market remained closed on Monday for a public holiday, and will resume trading on Tuesday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0602 GMT Market Current Prev Close Pct Move Kuala Lumpur 1652.76 1682.65 -1.78 Bangkok 1423.16 1428.79 -0.39 Jakarta 4723.19 4770.30 -0.99 Manila 7556.34 7532.52 +0.32 Ho Chi Minh 609.70 603.76 +0.98 (Reporting by Viparat Jantraprap; Editing by Subhranshu Sahu)
© Thomson Reuters 2016 All rights reserved.