SE Asia Stocks-Mostly down on global risk-off on renewed growth concerns
JAKARTA, May 4 (Reuters) - Most Southeast Asian stock markets fell on Wednesday on renewed global growth concerns, while Indonesian shares extended their losses after data showed the country's economy grew at a slower-than-expected pace in the first quarter. Concern over global growth is re-escalating after the latest China PMI data and as the European Commission lowered its inflation forecast, analysts at KDB Daewoo Securities in Jakarta wrote in a note. Activity at China's factories shrank for the 14th straight month in April as demand stagnated, forcing companies to shed jobs at a faster pace, a private survey showed on Tuesday. Singapore's stock index fell 1.6 percent as shares of Singapore Telecommunications Ltd and Oversea-Chinese Banking Corp Ltd extended losses. CIMB downgraded its rating on OCBC shares and cut its target price to S$8.8 from S$10.01. Indonesia's Jakarta Composite Index (JCI) fell 0.9 percent after the Indonesian statistics agency reported first- quarter GDP growth of 4.92 percent, below the median expectation of 5.05 percent in a Reuters poll. Bucking the trend, Malaysian shares rose 0.1 percent. The Thai and Indonesian markets will remain closed on May 5-6 for public holidays and will reopen on May 9. For Asian Companies click; SOUTHEAST ASIAN STOCK MARKETS Change on 0528 GMT Market Current Prev Pct close change Singapore 2762.6 2811.2 -1.73 Kuala Lumpur 1653.08 1651.44 0.1 Bangkok 1388.74 1397.87 -0.65 Jakarta 4770.75 4812.26 -0.86 Manila 7002.32 7046.57 -0.63 Ho Chi Minh 596.66 598.37 -0.29 (Reporting by Fransiska Nangoy; Editing by Anupama Dwivedi)
© Thomson Reuters 2016 All rights reserved.