SE Asia Stocks-Indonesia leads fall; Thai banks rebound before rate decision

miércoles 29 de abril de 2015 01:26 GYT

BANGKOK, April 29 (Reuters) - Southeast Asian stock markets
extended losses on Wednesday, with  Indonesian large caps
underperforming, as the Federal Open Market Committee wraps up
its two-day meeting later in the day.
    However, Thai banks regained early lost ground before an
interest rate decision.
    Thailand's central bank is expected to leave its policy
interest rate steady at 1.75 percent after a
surprise cut last month, despite calls to weaken the baht and
bolster the fragile economy. 
    "In the past two days, we think foreigners just reshuffled
their portfolios, awaiting today's MPC meeting, reflecting
through a continuous decline in Thai bond yields and the
weakening of the baht vs the dollar," strategists at broker
Maybank Kim Eng Securities wrote in note to clients.
    Shares of Kasikornbank were up 0.5 percent after
sliding at one point to the lowest since Jan. 6. Krung Thai Bank
 shares climbed 1.5 percent, rebounding from a near
11-month closing low hit in the previous session.
    The Jakarta composite index dropped 2.5 percent as
foreign investors-led selling sent PT Jasa Marga Tbk 
6.4 percent lower and PT United Tractors Tbk down 5.2
percent, both top losers on MSCI's index of Southeast Asia
    Banks also fell, with PT Bank Central Asia Tbk,
the country's largest company by market cap, down 3.7 percent
before its earnings announcement scheduled after market hours.
    "Indonesia's growth potential is slowing down and it was
reflected by the poor first-quarter corporate earnings," said
Norico Gaman, head of research, BNI Securities.
    Indonesia will report its first-quarter GDP data next week.
    Indexes in Singapore and the Philippines 
both headed for a second straight fall. Malaysia's index 
 hovered near its lowest since April 23 and the Thai key
index hit a four-week low.
    Asian share markets faded from seven-year peaks, with MSCI's
broadest index of Asia-Pacific shares outside Japan
 easing 0.6 percent. 
    Investors awaited the outcome of the FOMC meeting that ends
on Wednesday, hoping for clues on when the central bank will
hike interest rates. 
    Vietnam remained closed through Friday for national
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 Change at 0450 GMT
 Market             Current     Prev Close    Pct Move
 Singapore          3491.06       3495.09       -0.12
 Kuala Lumpur       1847.43       1855.06       -0.41
 Bangkok            1523.81       1531.53       -0.50
 Jakarta            5112.33       5242.16       -2.48
 Manila             7802.77       7886.57       -1.06
 (Reporting by Viparat Jantraprap; Additional reporting by
Fransiska Nangoy in Jakarta; Editing by Subhranshu Sahu)