SE Asia Stocks-Tumble as China devaluation hurts sentiment
JAKARTA, Aug 12 (Reuters) - Southeast Asian stocks slumped on Wednesday as China's move to extend the yuan devaluation hurt other Asian currencies and hit sentiment toward stocks. Indonesian stocks led the regional decline with a 3.1 percent fall, its biggest one-day loss in nearly four months. The index ended the day at its lowest close in one-and-a-half year. "China's move to devalue the yuan only confirms that the Chinese economy is doing poorly," said a trader in Jakarta. "The yuan devaluation now may not be much if we look back historically, but it badly hurts other currencies, which in turn hurts stocks." All emerging currencies slid on Wednesday with the rupiah and the ringgit at 17-year lows, while the Singapore dollar and Philippine peso hit their lowest in five years. MSCI's broadest index of Asia-Pacific shares outside Japan fell 2 percent, touching a two-year low. Meanwhile, Indonesia's long-awaited cabinet reshuffle failed to boost sentiment as investors don't expect it to instantly improve the country's economy, which grew at its slowest since 2009. In Singapore, banking stocks were among the biggest decliners, dragging the index down 2.9 percent to its lowest closing since March 2014. Shares of Noble Group Ltd were down 11 percent despite a buyback plan. The Malaysian index was down 1.6 percent while the Philippines lost 1 percent and Vietnam fell 1.4 percent. The Thai market was closed for a public holiday. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 3061.49 3153.06 -2.90 Kuala Lumpur 1609.93 1636.71 -1.64 Bangkok -- 1420.13 -- Jakarta 4479.49 4622.59 -3.10 Manila 7495.43 7570.45 -0.99 Ho Chi Minh 604.24 613.05 -1.44 Change on year Market Current End 2014 Pct Move Singapore 3061.49 3365.15 -9.02 Kuala Lumpur 1609.93 1761.25 -8.59 Bangkok 1408.32 1497.67 -5.97 Jakarta 4479.49 5226.95 -14.3 Manila 7508.51 7230.57 +3.84 Ho Chi Minh 604.24 545.63 +10.7 (Reporting by Fransiska Nangoy; Editing by Sunil Nair)
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