SE Asia Stocks - Indonesia falls 2 pct, others hit after China yuan devaluation

martes 11 de agosto de 2015 02:58 GYT
 

BANGKOK, Aug 11 (Reuters) - Southeast Asian stock markets
fell on Tuesday as China's yuan devaluation hit currencies in
the region, with Indonesia's key index heading for the worst
drop in more than two months and Singapore's benchmark coming
off a more than one-week high.
    Jakarta's composite index was down 2 percent and was
on course for its biggest single-day loss since early June as
the rupiah fell to a low last seen during the Asian
financial crisis 17 year earlier. 
    "It is a net negative as we export more to China," said
Harry Su, head of strategy and research at broker Bahana
Securities in Jakarta.
    "This will exacerbate our current account deficit as well,
causing the IDR to weaken. Only importers from China will
benefit. Even then, most Indonesian importers pay in USD to
Chinese companies," he said.
    Bangkok's SET index drifted into negative territory
after modest early gains, with tourism-related shares such as
Airports of Thailand and Minor International 
among the top large-cap losers.
    "Generally, it (the yuan devaluation) should be negative as
Thailand loses exports competitiveness, and Chinese find
travelling to Thailand expensive," said senior analyst Vikas
Kawatra of SCB Securities.
    China devalued the yuan on Tuesday to support the
economy, raising expectations its neighbours may weaken their
currencies to prop up exports. 
    Singapore's dollar, which closely tracks the yuan,
hit a five-year low and other Southeast Asian currencies touched
fresh multi-year lows.
    The city-state's Straits Times Index shed 0.8
percent after an early rise to the highest since Aug. 3. Its
half-day trading volume was 1.7 times the full-day average over
the past month as the market reopened after a four-day weekend.
    Shares of palm oil firms which have large exposure to China
were among the top losers, with Wilmar International Ltd
 and Golden Agri Resources Ltd both lower
about 4 percent. 
    The Philippines' index rose 0.4 percent after data
showed exports fell 3.3 percent in June, narrowing from May's
17.4 percent decline. Vietnam gained 0.6 percent, led by
top insurer BaoViet Holdings. 
    
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SOUTHEAST ASIAN STOCK MARKETS
 Change at 0638 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3164.70       3196.66       -1.00
 Kuala Lumpur       1639.67       1654.37       -0.89
 Bangkok            1419.40       1420.13       -0.05
 Jakarta            4653.84       4748.95       -2.00 
 Manila             7563.74       7534.35       +0.39
 Ho Chi Minh         618.35        614.53       +0.62
 
 (Reporting by Viparat Jantraprap; Additional reporting by
Jongwoo Cheon in Singapore; Editing by Prateek Chatterjee)