SE Asia Stocks-Mostly lower after euro zone growth cut, tepid US trade data

miércoles 5 de noviembre de 2014 01:28 GYT

JAKARTA, Nov 5 (Reuters) - Southeast Asian stock markets
were mostly trading down on Wednesday after an economic growth
downgrade in the euro zone and an unexpected widening of the
U.S. trade deficit.
    The Philippines stock index led the decline in the
region with a 0.5 percent fall, extending its 1.2 percent fall
in the previous session. Malaysian stocks fell 0.3
    The European Commission said the euro zone economy would
expand by 0.8 percent this year, 1.1 percent next year and by
1.7 percent in 2016 - a level the Commission said six months ago
would be achieved next year.    
    "The growth cut in the euro zone confirms that the European
economy is not improving and the widening trade deficit in the
U.S. added to the negative sentiment," said Reza Priyambada,
head of research at Woori Korindo Securities in Jakarta.
    The U.S. trade deficit in September unexpectedly widened
after exports hit a five-month low. 
    Indonesian stocks gained 0.1 percent, rebounding after two
days of decline despite disappointing economic data. The
country's GDP grew 5.01 percent in the third quarter, its
slowest since 2009. 
    "Some investors may be doing bargain hunting following the
two-day decline, but I think there will be a correction once
they have digested the GDP data," Priyambada said.
    Indonesia's biggest taxi operator PT Blue Bird Tbk 
rose as much as 26 percent on its trading debut on Wednesday.

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 Change on 0511 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3285.18       3281.57       +0.11
 Kuala Lumpur       1841.16       1847.36       -0.34
 Bangkok            1580.79       1585.15       -0.28
 Jakarta            5075.80       5070.94       +0.10
 Manila             7186.33       7222.01       -0.49
 Ho Chi Minh         596.49        598.39       -0.32

 (Reporting by Fransiska Nangoy; Editing by Biju Dwarakanath)