SE Asia Stocks-Fall on gloomy economic outlook; Singapore at 3-wk closing low
April 1 (Reuters) - 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 ended 0.8 percent down at its lowest close since March 10, Thailand's SET Index finished 0.5 percent weaker, and the Philippines was down 0.2 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, Indonesia's Jakarta Composite Index fell 0.1 percent. Malaysia saw $11.95 million net foreign outflows on Friday. Vietnam's benchmark VN Index, which gained in early trade, retreated and closed 0.5 percent lower, posting its third consecutive weekly loss, with banks leading the fall in volatile trade. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS STOCK MARKETS Change on the day Market Current previous Pct Move close Singapore 2818.49 2840.9 -0.79 Bangkok 1400.72 1407.7 -0.50 Manila 7245.13 7262.3 -0.24 Jakarta 4843.186 4845.371 -0.05 Kuala Lumpur 1710.55 1717.58 -0.41 Ho Chi Minh 558.43 561.22 -0.50 Change so far this year Market Current End prev yr Pct Move Singapore 2818.49 2882.73 -2.23 Bangkok 1400.72 1288.02 8.75 Manila 7245.13 6952.08 4.22 Jakarta 4843.186 4593.008 5.45 Kuala Lumpur 1710.55 1692.51 1.07 Ho Chi Minh 558.43 579.03 -3.56 ($1 = 3.8890 ringgit) (Reporting by Shihar Aneez; Editing by Subhranshu Sahu)
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