SE Asia Stocks-Most weak on foreign selling; Fed rate hike concerns weigh
Nov 13 (Reuters) - Most Southeast Asian stock markets fell on Friday, weighed down by foreign selling after U.S. Federal Reserve officials' comments on a likely December interest rate hike dented sentiment. Singapore's Straits Times Index dropped 1.1 percent to its lowest close since Oct. 6, dragged down by financial and industrial shares. Oversea-Chinese Banking Corp fell 0.9 percent while Noble Group, Asia's biggest commodity trader, plunged 11 percent after its third-quarter net profit fell to $24.7 million from $153.9 million a year earlier. Malaysia suffered a net foreign outflow of $73.57 million, Thailand witnessed $69.02 million net foreign selling, and Philippines saw $24.77 million outflow. U.S. Fed officials lined up behind a likely December interest rate hike with one key central banker saying the risk of waiting too long was now roughly in balance with the risk of moving too soon to normalize rates after seven years near zero. Other Fed policymakers argued that inflation should rebound, allowing the Fed to soon lift rates from near zero though probably proceed gradually after that. Investor sentiment was also dented due to a plunge in commodity prices to multi-year lows on worries that slower global growth may worsen a supply glut. Malaysia fell 0.3 percent to a near six-week low and Thailand edged down 0.1 percent to its lowest close since Oct. 6. Bucking the trend, the Jakarta Composite Index closed 0.2 percent firmer, while Vietnam recovered to close 0.9 percent higher. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on day Market Current Prev Close Pct Move Singapore 2925.68 2959.01 -1.13 Kuala Lumpur 1658.91 1663.20 -0.26 Bangkok 1382.46 1384.29 -0.13 Jakarta 4472.84 4462.23 +0.24 Manila 6851.88 6909.82 -0.17 Ho Chi Minh 611.27 605.58 +0.94 Change on year Market Current End 2014 Pct Move Singapore 2925.68 3365.15 -12.83 Kuala Lumpur 1658.91 1761.25 -5.81 Bangkok 1382.46 1497.67 -7.69 Jakarta 4472.84 5226.95 -14.43 Manila 6897.77 7230.57 -5.24 Ho Chi Minh 611.27 545.63 +12.03 ($1 = 4.3700 ringgit) ($1 = 35.9000 baht) ($1 = 47.0690 Philippine pesos) ($1 = 13,660.0000 rupiah) (Reporting by Shihar Aneez; Editing by Anand Basu)
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