SE Asia Stocks -Mostly down; Indonesia falls after cabinet appointment

lunes 27 de octubre de 2014 03:11 GYT

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
    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
    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
    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. 
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 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)