SE Asia Stocks-Most down on gloomy economic outlook; S'pore at 3-week low
April 1 (Reuters) - Most Southeast Asian stock markets fell on Friday, as concerns over global economic outlook dented sentiment after S&P cut its credit outlook for China, and on a gloomy survey of Japanese manufacturing. Singapore's Straits Times Index was down 0.7 percent, after hitting its lowest level since March 11, while Thailand's SET Index traded 0.8 percent weaker, and the Philippines was down 0.5 percent. "At the moment, there are so many concerns over the major economies, especially China and the U.S. So the buying spree has trimmed and some are taking profits," said Teerada Charnyingyong, an analyst with Phillip Capital in Bangkok. U.S. Federal Reserve Chair Janet Yellen's speech on Tuesday gave some cues about the pace of future interest rate hikes, but it failed to sustain the gains. A downward revision of China's sovereign credit rating also weighed on sentiment. S&P cut its outlook for China's sovereign credit rating on Thursday to "negative" from "stable", though it maintained the rating at AA-minus. A deterioration in the business sentiment among Japan's big manufacturers, which hit its lowest in nearly three years also hurt the market. Malaysia lost 0.4 percent and Indonesia's Jakarta Composite Index fell 0.2 percent. Bucking the trend, Vietnam's benchmark VN Index was up 0.3 percent by midday, after hitting a one-month low in the previous session, with gains in blue chips offsetting losses in most shares. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change at 0524 GMT Market Current Prev Close Pct Move Singapore 2821.61 2840.90 -0.68 Kuala Lumpur 1710.72 1717.58 -0.40 Bangkok 1396.88 1407.70 -0.77 Jakarta 4835.29 4845.37 -0.21 Manila 7224.59 7262.30 -0.52 Ho Chi Minh 562.61 561.22 +0.25 (Reporting by Shihar Aneez; Editing by Anand Basu)
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