SE Asia Stocks -Mostly down; Indonesia falls after cabinet appointment
Oct 27 (Reuters) - Most Southeast Asian stock markets were trading lower on Monday with Indonesia down to a near one-week low as the country's newly appointed cabinet weighed on investor sentiment, but upbeat U.S. economic data helped cap the fall. The Jakarta Composite Index was down 0.6 percent at 0655 GMT, led by financials with Bank Mandiri and Bank Rakyat Indonesia falling 1 percent and 2 percent respectively. Indonesia's new president on Sunday named professional technocrats to lead the top economic ministries and implement much-needed reforms that address costly fuel subsidies, cooling investment and creaky infrastructure in Southeast Asia's biggest economy. Jakarta-based Bahana Securities said in a research note that the cabinet line-up announced by President Joko Widodo came up "short of market's expectation, partly due to Jokowi's political compromise in appointing his ministers." "With that said, we think the market would allow his new ministers to prove themselves during their first 100 days in office, limiting market correction." Asian equities were up on Monday, taking heart from upbeat U.S. economic data and slightly better-than-expected health checks on euro zone banks, which helped revive investors' risk appetite. The Philippines stock index was down 0.3 percent, trading at its lowest level since Oct. 21, while Vietnam was down 1.5 percent in cautious trading as investors stayed on the sidelines after police arrested one of Vietnam's top tycoons on suspicion of fraud. In Manila, shares of BDO Unibank Inc traded steady after the Philippines' biggest lender by assets posted a 41 percent gain in its September quarter net income. Singapore retreated from early gains and traded down 0.1 percent by 0655 GMT. Bucking the trend, Thailand and Malaysia were up 0.4 percent and 0.3 percent respectively. For Asian Companies click; For South East Asia Hot Stock reports, click; SOUTHEAST ASIAN STOCK MARKETS Change at 0653 GMT Market Current Prev Close Pct Move Singapore 3219.33 3222.55 -0.10 Kuala Lumpur 1823.63 1818.86 +0.26 Bangkok 1545.86 1539.91 +0.39 Jakarta 5044.91 5073.07 -0.56 Manila 7082.45 7103.55 -0.30 Ho Chi Minh 582.89 591.51 -1.46 (Reporting by Shihar Aneez in COLOMBO and Fransiska Nangoy in JAKARTA; Editing by Biju Dwarakanath)
© Thomson Reuters 2017 All rights reserved.