SE Asia Stocks - S'pore at 3-week low; most weak after soft China survey
BANGKOK, Nov 2 (Reuters) - Southeast Asian stock markets mostly fell on Monday in range-bound trade and led down by Singapore as soft China surveys dented sentiment in Asia and trading volumes declined in the wake of tepid corporate earnings. Asian stocks slid after a private survey showed China's factory activity fell for an eighth straight month in October, pointing to further sluggishness in the world's second-largest economy. Singapore's benchmark Straits Times Index was down 1.39 percent at 2,956.61, its lowest since Oct. 8. Shares in firms with projects in China appeared to be hit, including developer CapitaLand which dropped 2.6 percent. DBS Group Holdings was down 0.7 percent, giving up early gains following the bank's results that showed a 6 percent rise in third-quarter net profit. NRA Capital in a report kept a 'sell' rating on the stock due to limited upside to its fair value. In Bangkok, bargain-hunting helped battered large-caps recoup losses. PTT was up 1.8 percent after Friday's third straight loss on expectations of a net third-quarter loss. PTT is due to release earnings by next week. The SET index was up 0.2 percent. Strategists at broker KGI Securities expected the index to trade sideways due to foreign outflows. "Expectation for the U.S. Fed to start hiking rate in December 2015 should lead to a new round of TIPs outflows in the near-term," they wrote in a report, referring to the sharemarkets of Thailand, Indonesia and the Philippines. Jakarta's composite index was down 0.1 percent, erasing some early losses. Foreigners led selling in banking shares, with Bank Rakyat Indonesia and Bank Mandiri among those actively traded. Most southeast Asian sharemarkets suffered losses last week on concerns about a possible U.S. interest rate hike by end-2015. Trading volumes on Monday of most dropped to about 25-44 percent of the full-day average of the past 30 days. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0458 GMT Market Current Prev Close Pct Move Singapore 2956.61 2998.35 -1.39 Kuala Lumpur 1663.15 1665.71 -0.15 Bangkok 1397.37 1394.94 +0.17 Jakarta 4452.62 4455.18 -0.06 Manila 7169.11 7134.26 +0.49 Ho Chi Minh 606.30 607.37 -0.18 (Reporting by Viparat Jantraprap; Additoanl reporting by Aradhana Aravindan in Singapore; Editing by Sunil Nair)
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